October 27, 2021
1 min read

Pak rupee takes deep dive as IMF talks drag

Traders also held higher imports coupled with rising commodity prices in the international markets responsible for strengthening the dollar against the rupee….reports Asian Lite News

The Pakistan rupee touched a new all-time low of Rs 174.43 against the US dollar in the inter-bank market on Monday in the wake of mounting pressure of import payments as well as looming uncertainty regarding a delay in the International Monetary Fund’s decision regarding resumption of $6 billion Extended Fund Facility (EFF), Geo News reported.

The Pakistan rupee has maintained the downtrend for the past five months. It has lost 14.55 per cent (or Rs 22.16) to date compared to the 22-month high of Rs 152.27 recorded in May.

With a fresh decline of 0.25 per cent, the rupee has depreciated 10.72 per cent (or Rs 16.89) since the start of the current fiscal year on July 1, 2021, data released by the central bank revealed.

Pic credits IANS

“Rupee is expected to remain under pressure if IMF-Pakistan talks remained inconclusive,” currency traders forecast, as they believe, the massive depreciation of rupee against dollar was also caused by the panic buying and forward booking by the importers because of fears of a possible failure of IMF-Pakistan talks, the report said.

Traders also held higher imports coupled with rising commodity prices in the international markets responsible for strengthening the dollar against the rupee.

However, apart from the dollar demand by the importers, the panic selling and forward booking of the dollar is also contributing to the rupee depreciation against the greenback, the report added.

ALSO READ: Dollar hoarding fuels rupee drop in Pakistan

ALSO READ: Saudi Arabia To Resume Fund To Pakistan

Previous Story

SUDAN: China in a fix as coup disrupts mega projects

Next Story

Madonna wins hearts with her flawless singing

Latest from -Top News

UNSC Grills Pakistan Over Pahalgam Attack

Though Pakistan claimed that the meeting largely served and achieved the objectives of the UNSC’s meeting, reports showed that it flopped miserably…reports Asian Lite News The United Nations Security Council (UNSC) reportedly

Pakistan’s Terror Link “No Secret”: Bilawal Bhutto

Zardari stated that Pakistan’s intelligence services have since changed course and no longer collaborate with extremist elements..reports Asian Lite News Bilawal Bhutto Zardari, former Foreign Minister of Pakistan, has openly acknowledged Pakistan’s

Islamists Rise Under Yunus Rule

After the departure of former Prime Minister Sheikh Hasina in August 2024, Islamic parties in Bangladesh, crushed for years by the Awami League government, have made inroads into the political arena…writes Baidya

TIES WITH CHINA: Is Bangladesh Going Lanka Way?

Plans for nine Special Economic Zones, including Chinese-developed sites in Chattogram and Chandpur, promise jobs but risk creating enclaves where Beijing’s economic priorities overshadow Bangladesh’s….reports Asian Lite News On a humid March
Go toTop

Don't Miss

How Hasina thwarted Pak terror agenda with India’s help

Nearly two decades ago, security and intelligence specialists at a

‘Imran Wanted To Bring Revolution Against Army’

PTI leader who had formed his new party, alleged that