Pakistan Currency
Pakistani currency hits record low point
Islamabad: Pakistani currency hit a new all-time low of Rs 190 against the US dollar in intra-day trade in the interbank market on Wednesday.
Pakistan's local currency was trading at Rs 190.07 against the greenback in the interbank market during intraday trade, surpassing Tuesday's record low of Rs188.66, reports Geo News.
Meanwhile, the Pakistan Stock Exchange (PSX) lost over 500 points.
The downfall is said to be “due to uncertainty regarding the revival of the International Monetary Fund (IMF) loan programme.Second, depleting foreign exchange reserves,” a Pakistani analyst told the media outlet.
The delay in the resumption of the programme has ceased the flow of foreign currencies into Pakistan, including from friendly countries like Saudi Arabia and the United Arab Emirates.
In late April, the IMF asked Pakistan to withdraw subsidies on petroleum products and electricity to resume the loan programme, as the subsidies were consuming over Rs 90 billion a month, which the cash-strapped country could not afford, local media reports.
(With UNI inputs)
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