KARACHI – The Pakistani rupee on Wednesday crossed 206 threshold, dropping to all-time new low level against the US dollar during intraday trading in the interbank market.
The greenback witnessed an increase of Rs1.09 against rupee to reach Rs206.25 in the interbank market.
The dollar closed at Rs205.16 in the interbank market and Rs20.50 in the open market on Tuesday.
The devaluation of local currency comes amid uncertainty over revival of $6 billion IMF programme, widening current account deficit and fast-depleting foreign exchange reserves.
Earlier this week, Finance Minister Miftah Ismail hinted that International Monetary Fund expressed concern about Pakistan’s budget, however, he mentioned that the government is confident it can make changes to satisfy the lender.
Comment of new financial chief deemed negative by the currency market that is already performing poorly.
PML-N unveils Pakistan Economic Survey 2021-22, showing record growth rate of nearly 6pc
