The Pakistani rupee fell Rs18.74 against the Dollar in the interbank market on Thursday morning, trading the rupee at Rs284.85.
Economists and market experts attribute the 9.09% fall to the government’s IMF impasse. However, the State Bank of Pakistan (SBP) data indicates the PKR closed at Rs266.11 to the Dollar on Wednesday.
The currency has been falling due to delays in a deal between Pakistan and the International Monetary Fund since early last month.
Due to a severe economic crisis, Pakistan’s reserves are a little over $3 billion, adequate for three weeks of imports. Therefore, the government urgently needs an IMF agreement to release $1.02 billion-plus cash from friends and other multilateral lenders.
