KARACHI – The Pakistani currency continues to shatter all records as itdropped to a new low of Rs238 against US dollar during intraday trading inthe interbank market on Wednesday.
The greenback gained 5.56 against rupee to reach the all-time high level asit closed at Rs232.94 on Tuesday in the interbank market.
The local currency is losing the ground due to deepening political crisisin the country, depleting foreign exchange reserves and delay in issuanceof loan payment by the International Monetary Fund (IMF).
Meanwhile, Federal Finance Minister Miftah Ismail hoped that Pakistan willget funds from IMF in coming weeks, adding that the inflow of dollars willdecrease pressure on rupee and strengthen forex reserves.
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He said that fears of default are blown up, adding that a police will bechalked out to increase country’s exports in next three months.
Ismail revealed that friendly states were approached to get support toimprove forex reserves but they rejected the request by saying thatPakistan never paid off the loan in the past.
