KARACHI – The Pakistan rupee depreciated to a new all-time low of Rs200 against the US dollar during intraday trading on Wednesday.
In the interbank market, the rupee continues its losing spree and dropped to Rs198 against the greenback after shedding Rs2.1 during the intraday trade.
The local currency closed at Rs195.74 on Tuesday and it touched the Rs198-marke at 1:32 pm, multiplying the burden of foreign debt on Pakistan.
The latest devaluation of rupee comes as Pakistan started talks with the International Monetary Fund (IMF) in Doha today in a bid to revive the $6 billion loan programme secured by the South Asian country in 2019.
Finance Minister Miftah Ismail, Minister of State for Finance Dr. Aisha Ghous Pasha, Finance Secretary Hamed Yaqoob Shaikh, Acting Governor State Bank of Pakistan Dr. Murtaza Syed, Chairman FBR Asim Ahmad and senior officers from Finance Division joined the talks virtually.
Pakistan has so far received $3 billion under the IMF’s Extended Funds Facility (EFF) and it will get another tranche of $900 million if the ongoing seventh review is wrapped up successfully.
Today s currency exchange rates in Pakistan – Dollar, Euro, Pound, Riyal Rates on May 18, 2022
