Pakistani rupee in free-fall as dollar crosses critical Rs200 mark in interbank market

KARACHI – As Pakistan’s economy continues to plunge with every passing day, dollar set another record as it crossed critical threshold of Rs200 during intraday trading after rupee shed Rs1.61 on Thursday. 

The greenback hit the all-time high level at 11-00 am amid Pakistan’s efforts to secure a tranche of $900 million from the International Monetary Fund (IMF) under the stalled $6 billion loan programme. 

A day earlier, the US dollar closed at Rs199 after gaining more than Rs2 in the interbank market. 

The greenback gained Rs7.38 in running week and Rs16.97 since the new government came into power in April.

On the other hand, Prime Minister Shehbaz Sharif has called a meeting of the economic experts to tackle the freefall of the local currency. 

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