KARACHI: The devaluation of the Pakistani rupee continued on Tuesday after it fell to a record low in the interbank against the US dollar, ARY News reported.
According to forex dealers, the rupee dropped by Rs1.54 against the greenback in the interbank market during early morning trade. The US dollar is trading at Rs205.40 against rupee.
In the open market, the US dollar is being sold at between Rs 206 and Rs 208.
According to the State Bank of Pakistan (SBP), the currency had closed at an all-time low of Rs203.86 per dollar the other day.
The Pakistan Stock Exchange (PSX) also witnessed massive selling pressure on Monday as the benchmark KSE-100 index shed more than 1,000 points.
The market began its slide soon after opening at 42,013 points, with the benchmark KSE-100 index plunging 1134 points.
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According to experts, the local currency is losing streak against the greenback owing to a delay in the revival of the International Monetary Fund’s (IMF) $6 billion loan programme.
The country is facing a balance of payments crisis with the central bank’s foreign exchange reserves falling to $9.2 billion.
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Finance Minister Miftah Ismail Sunday asserted that Pakistan will seek a deferred payment plan for liquefied natural gas bought under long-term deals with Qatar as Islamabad faces a balance of payments crisis and falling foreign exchange reserves.
Miftah Ismail unveiled Budget 2022-23 on Friday aimed at fiscal consolidation as it tries to convince the International Monetary Fund (IMD) to restart much-needed financial support.
However, the Fund has expressed concerns over the numbers, including its current account deficit. “We’ve talked about a deferred payment plan or at least I’ve requested this and the petroleum minister is doing negotiations and is going to do the talks,” Ismail said.
