Karachi: The Pakistani rupee fell to its all-time low of 188.66 compared to the US dollar after further depreciating by Rs 1.13 in the interbank market on Tuesday.
Interbank closing #ExchangeRate for todayhttps://t.co/Sm3ZeEIgfY pic.twitter.com/afuesryKui
— SBP (@StateBank_Pak) May 10, 2022
Those who closely follow the economy correlate this free-fall of the Pakistani rupee compared to the US dollar with the uncertainty revolving around the resumption of the IMF program, delay in the incoming of assistance from friendly countries and reluctance on behalf of the incumbent government regarding the reversal of subsidy on fuel.
Reports circulating in the media suggest that even Saudi Arabia has linked the possibility of offering additional deposits in the State Bank of Pakistan (SBP) with the revival of IMF’s bailout program.
Regarding the fuel subsidy, although the government faces severe criticism from the circle of economists who demand an immediate increase in prices, it has maintained the prices unchanged so far.
However, the bigger challenge for the government to take any hard decision seems to be former Prime Minister Imran Khan, who is knocking on the door and has announced to hold a long march toward Islamabad against the sitting government later this month.
