KARACHI – The Pakistani rupee on Thursday continued its downward slide against the US dollar as it dropped to an all-time low of Rs192 in the interbank market.
According to the Forex Association of Pakistan, the dollar breached the 191-mark at the day’s start and soared to Rs192.20 around 11:45am, appreciating by Rs2 from the previous day’s close of 190.20 — the record high value for the dollar before today’s session.
The dried-up foreign currency inflows coupled with a delay in the revival of the International Monetary Fund (IMF) programme and a lack of financial support from friendly countries are adding to the pressure on the local unit.
However, economist Kaiser Bengali on Twitter said that early elections before inflation and dollar rates are stabilised will be a “disaster.”
Early elections, before inflation n dollar rates are stabilized, will be a disaster.
Election expenses increase money in circulation n will add fire to already high inflation. ONLY way to stabilize inflation is thru reduction of non development expenditures.— Dr. Kaiser Bengali (@kaiserbengali) May 11, 2022
Today s currency exchange rates in Pakistan – Dollar, Euro, Pound, Riyal Rates on May 12, 2022
