On Tuesday, the Pakistani currency depreciated by 0.60 rupees to a record low of 188.66 rupees against the US dollar in the interbank market as looming uncertainty over the International Monetary Fund’s (IMF) lending program was relayed to the local entity.
The local currency surpassed its all-time low of Rs 188.18 on April 7th. Forex traders believe that a delay in the IMF program, a lack of immediate financial support from friendly countries, depletion of foreign exchange reserves and a growing trade deficit kept the domestic currency under pressure.
