Pakistani Rupee slumped heavily against US dollar in interbank market
Shares
The Pakistani rupee lost its steam against the US dollar and slumped heavily during the interbank trading on Monday.
According to the State Bank of Pakistan, the market saw a wilting of Pakistani rupee as the US dollar stormed ahead appreciating by Rs2.32 in the interbank trading and ended the day at Rs284.71.
On Friday, the last trading day of the previous week, Pakistani rupee saw some respite against the US dollar as it went up by 71 paisas in the interbank trading.
According to economic experts, the market shows little confidence in the stability of rupee owing to political instability in the country, depleting forex reserves and delayed disbursement of IMF tranche.
Though the cash-starved country has completed all prior actions demanded by the global lender for reaching the staff-level agreement, but still it is not releasing the $1.2 billion disbursement that will also unlock the assistance from friendly countries.
The IMF has been pushing Pakistan to implement economic reforms and tighten its fiscal policies in exchange for the loan, but this has proved to be a difficult task for the government.
