Tuesday May 10, 2022

Dollar Continues to Appreciate Against PKR

KARACHI: The Pakistani currency depreciated by Rs0.60 to an all-time low of Rs188.66 against the US dollar in the interbank market on Tuesday as looming uncertainty over the resumption of the International Monetary Fund (IMF) loan programme took a toll on the local unit.

The local currency surpassed its April 7 record low of Rs188.18.

Currency dealers believe that a delay in the IMF programme, lack of immediate financial support from friendly countries, depleting foreign exchange reserves and surging trade deficit kept the pressure on the domestic currency.

The new government’s reluctance to remove subsidies on fuel and electricity — which are the pre-conditions for the revival of the IMF programme — dampened investors’ sentiment.

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