Rupee reach an all-time low versus the US dollar
The US dollar appreciated against the Pakistani rupee on Monday, hitting an all-time high in the interbank market.
The Pakistani rupee continued to depreciate against the US dollar, falling further by Rs 1.60 to close at Rs 172.78 in the interbank market.
The rupee has depreciated by 9.67% (or Rs. 15.24) since the beginning of the current financial year on July 1, 2021, according to data provided by the State Bank of Pakistan (SBP).
According to central bank data, it has declined by 13.46 per cent (or Rs 20.51) since reaching its recent high of Rs 152.27 against the greenback on May 14, 2021.
Prime Minister Imran Khan had remarked at the inauguration of the Kisan Portal last week that the pressure on the Pakistani currency was only temporary and would pass soon.
According to economists, the main reason for the rise in the value of the dollar and the depreciation of the rupee is Pakistan’s current account deficit and the IMF’s demand for further depreciation of the rupee.
Analysts had earlier predicted that the shortfall would end soon, citing the successful outcome of talks between the IMF and Pakistan to launch a 6 billion loan program to strengthen the rupee to its current level. There is a reason.
Samiullah Tariq, head of research at Pakistan-Kuwait Investment Company, said that if the policy talks between Pakistan and the IMF were successful within three days from October 13 to 15, the rupee would fluctuate.
Prime Minister Imran Khan convened a meeting to consider inflation
Meanwhile, reports have claimed that Prime Minister Imran Khan is holding a meeting to discuss inflation and the country’s economic situation.
According to insiders, the prime minister is expected to make an important statement on public support during the meeting.
According to sources, the Prime Minister has formulated a strategy to deal with rising inflation and public reaction to it. He will reportedly brief the concerned authorities on his plans.
According to sources, the provincial chief secretaries have also been brought on board and the deputy commissioners have been directed to be informed.