KARACHI – *US dollar to hit Rs 170 mark against Pakistani Rupee asanalysts have revealed that Pakistani currency to lose 20% of its value asa result of IMF deal.*
The rupee fell to another record low on Friday morning as the marketreacted to the government’s agreement to International Monetary Fund (IMF)terms for a six billion dollar loan.
The rupee, which closed on Thursday at Rs.146.50 against the greenback,dropped to Rs. 149.50 in the interbank market and Rs.150 in the open marketon Friday.
The State Bank on Thursday released a statement which said that the fall inrupee value reflects “demand and supply conditions in the foreign exchangemarket.” The statement also asserted that the devaluation would help incorrecting market imbalances.
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The sharp fall in the currency rate comes as another blow to the PakistanTehreek-e-Insaf lead federal government which is battling economic crisison many fronts, including rising inflation and projected joblessness.
Meanwhile, the State Bank will announce its interest rate policy decisionon Monday.
