Thursday, July 18, 2024

Rupee Hits Record Low against US Dollar, Reaches Rs.288

The Pakistani rupee hit a new all-time low at Rs288 against the US dollar on Tuesday in the interbank market amid delays in the revival of the International Monetary Fund (IMF) loan programme and the looming high risk of default on foreign debt repayment.

Last month, the rupee had hit a record low, closing at Rs285.09 per US dollar on February 3, 2023

It’s about 10:23 this morning, the rupee fell 1% (or Rs2.86) to Rs287.90 versus the US dollar. The rupee had closed at Rs285.04 to the US dollar the day before.

This issue has arisen as a result of the government’s announcement that Finance Minister Ishaq Dar would travel to the United States from 10 to 16 April in an endeavour to restart the IMF loan programme for an amount of $6.5 billion.

According to the administration, Dar will be in Washington, DC for the annual meetings of the IMF and World Bank together with other important figures.

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