KARACHI – The Pakistani currency continues to shatter all records as it dropped to a new low of Rs238 against US dollar during intraday trading in the interbank market on Wednesday.
The greenback gained 5.56 against rupee to reach the all-time high level as it closed at Rs232.94 on Tuesday in the interbank market.
The local currency is losing the ground due to deepening political crisis in the country, depleting foreign exchange reserves and delay in issuance of loan payment by the International Monetary Fund (IMF).
Meanwhile, Federal Finance Minister Miftah Ismail hoped that Pakistan will get funds from IMF in coming weeks, adding that the inflow of dollars will decrease pressure on rupee and strengthen forex reserves.
He said that fears of default are blown up, adding that a police will be chalked out to increase country’s exports in next three months.
Ismail revealed that friendly states were approached to get support to improve forex reserves but they rejected the request by saying that Pakistan never paid off the loan in the past.
Fitch downgrades Pakistan’s outlook to negative amid political, economic instability
