Dollar breaches Rs200-level for first time in Pakistan’s history

Bunny
Bunny May 19, 2022
Updated 2022/05/19 at 7:26 AM

KARACHI – Pakistani rupee plunged to a historic low after dollar breached Rs200-level during intraday trade on Thursday amid uncertainty over the revival of the International Monetary Fund (IMF) loan programme and worsening political situation in the country.

The rupee shed Rs1.81, taking the new value of single dollar to Rs200.20 at 10:13am, media reports said.

The rupee had closed at Rs198.39 yesterday after the greenback gained Rs2.65 against the local currency, multiplying the burden of foreign debts.

The domestic currency has overall lost Rs15 to the dollar in the last ten sessions.

Officials of Pakistan’s Ministry of Finance are holding the second round of talks with the IMF representatives in Qatar in a bid to revive the loan programme to improve the economic situation of the country.

The global lender has been expressing concerns on the relief package announced by the previous government of PTI in deviation of the recommendations of IMF.

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