KARACHI – Regardless of drastic measures of rising gas and energy costs, the Pakistani rupee dropped to all-time low of Rs205 towards greenback throughout intraday buying and selling within the open market.
The native foreign money is on the shedding spree as a result of import demand, which has elevated due to oil funds.
In Interbank market, the greenback witnessed a rise of Rs2.15 to succeed in Rs202.75.
In response to the State Financial institution of Pakistan (SBP), the rupee had closed at Rs200.06 on Monday.
The event comes as the federal government is making all efforts to revive stalled $6 billion International Monetary Fund (IMF) programme.
The IMF is anticipated to revive the programme after the announcement of the federal funds for fiscal 12 months 2022-23.
The final time the rupee had crossed the 202 mark was on Could 26, when uncertainty engulfed the revival of the IMF mortgage programme.