The Pakistani rupee fell to an all-time low against the US dollar on Friday after the International Monetary Fund’s $6 billion loan programme was postponed indefinitely.
According to local media reports, the USD rose by Rs1.70 and was trading at Rs178 at 12:30 p.m. today.
Another factor that contributed to the all-time high was the delay in the IMF loan program’s completion. Islamabad is said to have met almost all of the global lender’s terms, including raising power tariffs, but the two sides have failed to reach an agreement on the State Bank of Pakistan’s autonomy criterion.
The dollar depreciated, according to financial experts, after Saudi Arabia reintroduced financial aid and oil supplies to the South Asian country. However, the dollar surged after Shaukat Tarin predicted a further rise in the US currency.