KARACHI – The Pakistani rupee on Thursday continued its downward slide in opposition to the US greenback because it dropped to an all-time low of Rs192 within the interbank market.
In keeping with the Foreign exchange Affiliation of Pakistan, the greenback breached the 191-mark on the day’s begin and soared to Rs192.20 round 11:45am, appreciating by Rs2 from yesterday’s shut of 190.20 — the file excessive worth for the greenback earlier than at the moment’s session.
The dried-up overseas foreign money inflows coupled with a delay within the revival of the International Monetary Fund (IMF) programme and an absence of economic assist from pleasant international locations are including to the stress on the native unit.
Nonetheless, economist Kaiser Bengali on Twitter stated that early elections earlier than inflation and greenback charges are stabilised might be a “disaster.”
Early elections, earlier than inflation n greenback charges are stabilized, might be a catastrophe.
Election bills improve cash in circulation n will add fireplace to already excessive inflation. ONLY option to stabilize inflation is through discount of non improvement expenditures.
— Dr. Kaiser Bengali (@kaiserbengali) May 11, 2022