KARACHI – The US dollar hits an all-time high against dilapidating Pakistani rupee on Tuesday, setting a new record in the inter-bank market.
Amid the economic meltdown and political instability, the local currency plummeted to an all-time low of 288.43 against the greenback. Data shared by the central bank shows that the rupee moved down by Rs1.34 which is equivalent to 0.46 percent.
Experts suggest that the heavy depreciation of local currency stemmed from continued delay on the resumption of the International Monetary Fund (IMF) programme.
On Monday, PKR registered significant blows, settling at 287.09 in the inter-bank market after a loss of Rs2.44.
As the local currency suffered heavy losses, Finance Minister Ishaq Dar remained positive and reiterated that a staff-level agreement with the global lender will be signed in the near future. Speaking in Parliament, the finance czar said that the government has completed all IMF demands and the staff-level agreement would be signed soon.
Despite the government rhetoric on the matter, the money market desperately awaits the resumption of the much-needed bailout funds, which has been stalled since last year.
