Pakistani Rupee silently hits a new low against US Dollar
KARACHI - Pakistani currency hits a one-month low at Rs135.80 to the US dollar in retail on Saturday.
Rupee depreciated due to speculation that authorities are on the brink of further devaluing the rupee under the International Monetary Fund’s (IMF) stringent conditions to avail the much-needed bailout package.
“Rupee hit (a) low as supply shrank next to nil with the currency dealers at open (retail) market,” Exchange Companies Association of Pakistan (ECAP) General Secretary Zafar Paracha was quoted as saying.
“The recent IMF conditioning to (the government to) devalue rupee to around Rs145-150 against the dollar played on sellers’ mind…people are not coming to the selling counters.”
He added that demand for the dollar remained stagnant against (almost) no supplies and this situation caused rupee to plunge on Saturday.