Pakistani Currency Slumps to New Low of Rs236.5 Against Dollar

In intraday trading on Wednesday in the interbank market, the Pakistani rupee hit a new low of Rs. 236.50 versus the US dollar, breaking all previous records.

In the interbank market on Tuesday, the value of the dollar increased by 3.57 to hit an all-time high of Rs232.94.

Due to a worsening political crisis in the nation, dwindling foreign exchange reserves, and a delay in the International Monetary Fund issuing loan payments, the local currency is losing ground (IMF).

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Federal Finance Minister Miftah Ismail expressed hope that Pakistan will get cash from the IMF in the upcoming weeks and added that the influx of dollars would reduce currency pressure and fortify foreign exchange reserves.

He said that worries about a default have been exaggerated and added that a plan will be made to improve exports in the following three months.

Ismail said that friendly governments had been contacted for assistance in boosting foreign exchange reserves, but they had been turned down since Pakistan had never repaid its debts.

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