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Economic, political crises puts Pakistani rupee under pressure as it breaches 200-mark

IANS | May 19, 2022 02:56 PM

KARACHI: The US dollar has been on a one-way path -- upwards -- against the Pakistani rupee since the past week, and the trend continued Thursday when it finally breached the Rs 200-mark in the interbank trading, Samaa TV reported.

The value of the dollar appreciated by Rs 1.81, or 0.91 per cent and was trading at Rs 200.20 at 11 a.m. during intraday trade.

The greenback closed at Rs 198.39 Wednesday, after gaining Rs 2.65 from its closing value of Rs 195.74 on Tuesday.

In the open market, the US dollar already breached the Rs 200-mark two days ago.

Since the new government took power April 11, the greenback has appreciated by Rs 18.09 in the interbank market. In the open market, the foreign currency rose by Rs 15.50 during the same period, Samaa TV reported.

Experts have said the economic and political uncertainty was fuelling the dollar's rise and hurting the rupee's value.

The market was looking towards ongoing talks between the International Monetary Fund (IMF) and Pakistan in Qatar.

During the first rounds of talks that concluded Wednesday, Pakistan assured the Fund that it is ready to take tough decisions like revoking the subsidy on fuel and controlling the rising current account deficit.

The talks were being held to resume the $6 billion IMF program for Pakistan with a possibility of extending it by $2 billion.

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