The Pakistani rupee has hit a new low against the US Dollar during intraday trade due to uncertainty over an IMF bailout and Moody’s recent downgrade. The interbank rate lost Rs. 12 and fell as low as 278 by 11 AM, then dropped by Rs. 19 to reach 285 by 11:25 AM.
By close, the rupee was down by 6.66% at 285.09 against the dollar. Open market rates reached highs of 288-290 after initial greenback asks opened at 277, prompting money changers to pause dollar outflow.
The delay in IMF funding is creating currency market uncertainty, according to Topline Securities CEO Muhammad Sohail. The rupee’s fall is expected to continue due to IMF taxes, import issues, and credit rating downgrades.
