October 04, 2024 11:00 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
Supreme Court halts police action against Sadhguru's Isha Foundation | Telangana minister apologises to Samantha-Naga Chaitanya over 'divorce' remark'; KTR still on target | Doctor shot dead at Delhi hospital amid protests over RG Kar rape-murder | Our commitment to cleanliness is a lifelong pledge: PM Modi as Swachh Bharat Abhiyan completes 10 years | PM Modi participates in cleanliness drive as Swachh Bharat Abhiyan completes 10 years
Pakistan's currency drops to a record low after govt ends control
Pakistan
Image Credit: wikipedia.org

Pakistan's currency drops to a record low after govt ends control

| @indiablooms | 26 Jan 2023, 09:21 pm

Islamabad: Pakistan's currency Thursday fell to a record low of Rs 255 against the US dollar, according to local media reports.

The drop comes after Prime Minister Shehbaz Sharif-led coalition government eased its hold on the exchange rate to garner much-needed funds from the International Monetary Fund (IMF).

Pakistan's money exchange companies removed the limit on the dollar-rupee exchange rate from Wednesday, to allow the local currency to drop gradually in the open market.

The Pakistani rupee fell by Rs 24 and was trading at Rs 255 against the US dollar at 1 pm, the Express Tribune reported.

Pakistan is scrambling to get the global body's approval for a $6.5 billion loan.

While Pakistan managed an IMF bailout last year, the funds haven't been released this year.

IMF had asked Pakistan to end its control and let the market forces determine its value.

The Pak government accepted the condition readily.

Pakistan’s dwindling foreign exchange reserve has led to massive food inflation and frequent blackouts. Videos on social media show people fighting for staples like flour and medicine.

While Pakistan won an IMF bailout last year, the release of funds has been stalled this year.

In the wake of rabid inflation, Pakistan’s central bank also increased the lending rate to a 24-year high to curb surging prices.

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.
Related Images
Xi Jinping, Putin in Russia 22 Mar 2023, 02:56 pm
Related Videos