Rupee continues slide against US dollar, shoots past Rs211

KARACHI: The rupee continued its losing streak against the US dollar as the greenback rose to Rs212 against the local currency during early morning trade in the interbank market on Tuesday.

According to the Forex Association of Pakistan (FAP), the rupee depreciated by over Rs2 to reach an all-time low of Rs212 against the dollar.

According to experts, the dollar’s upward slide against rupee is due to the deadlock between government International Monetary Fund (IMF) over deal and declining forex reserves.

In the open market, the US dollar being sold between Rs213 and Rs215.

The rupee has incurred a colossal loss of Rs6.4 during five consecutive sessions last week.

Meanwhile, Finance Minister Miftah Ismail Monday had expressed hope that the stalled International Monetary Fund’s (IMF) programme would be revived within one or two days.

Talking to journalists at Parliament House, the federal minister had said that he was hopeful that an agreement with the global lender for the revival of the Extended Fund Facility (EFF) would be reached within one or two days.

Read More: PAKISTAN’S FOREIGN EXCHANGE RESERVES DECLINE BY $240 MILLION

“IMF has no relation with the increase in salaries. Also, the tax exemption to the people earning below 1.2 million [annually] will remain in place,” the finance minister said.

It is pertinent to mention here that Minister of State for Finance Dr Aisha Ghaus Pasha confirmed seeking United States support for revival of International Monetary Fund (IMF) programme.

Dr Aisha Ghaus Pasha has confirmed that Pakistan had reached out to the United States in a bid to revive $6 billion IMF programme.

Earlier, it was reported that Pakistan had sought support from the United States for the revival of the IMF programme as the global lender has not yet agreed to a staff-level pact despite the tough measures by the government.