Pakistani Rupee silently hits a new low against US Dollar

KARACHI – Pakistani currency hits a one-month low at Rs135.80 to the USdollar in retail on Saturday.

Rupee depreciated due to speculation that authorities are on the brink offurther 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 dealersat 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 aroundRs145-150 against the dollar played on sellers’ mind…people are not comingto the selling counters.”

Read Top Stories

Pakistan Successfully Launches Indigenous EO-2 Earth Observation Satellite

Former PM Imran Khan Blinded in One Eye? Explosive Claim

Pakistan Air Force Set to Induct Advance Variant of China’s J-35 Stealth Fighters

Four Policemen Including SHO Martyred, DSP Injured in a Terrorist Attack in Pakistan

He added that demand for the dollar remained stagnant against (almost) nosupplies and this situation caused rupee to plunge on Saturday.