*DUBAI – The Pakistani rupee hit a new low against UAE’s dirham amid theeconomic crisis in Pakistan.*
*Pakistan decision to approach the International Monetary Fund (IMF) for abailout package has resulted in depreciation of the Pakistani rupee.*
The PKR was trading at 36.35 against the UAE dirham early morning onTuesday, according to *XE.com. *On Monday morning, the rupee dropped to anall-time low of 36.44 against the UAE dirham, but recovered slightly laterin the day. The currency, which has lost nearly 21 per cent since January1, has devalued five time since December 2017.
“Today, the rupee was trading at 133.10 against the dollar, or 36.23against the dirham, during early morning hours. It can fall to 135 againstthe dollar, or 36.75 against the dirham, in the coming days as the IMFfeels the rupee is still overvalued and could further depreciate to 145against the dollar and 39.50 against the dirham,” said Rajiv Raipancholia,CEO, Orient Exchange, quoted *Khaleej Times*.
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Raipancholia informed that the rupee has appreciated to 35.8 against thedirham on October 12 along with other Asian currencies due to the USdollar’s weakness
