Pakistani Rupee Falls to Historic Low Against US Dollar After IMF Bailout Condition

 - Sakshi Post

Islamabad: The Pakistani currency registered a historic low of Rs 255.43  against the US dollar on Thursday, local media reported. 

According to Dawn, the plunge in Pakistani rupee was seen after the government removed an “unofficial price cap on the exchange rate. Following the government’s move, the Pak currency slid 9.61 per cent, or Rs 24.5, to a record low of Rs 255.43 against the US dollar compared to Wednesday's close of Rs 230.89.

“The driving factor behind the market is the rupee's market-based exchange rate. This has helped clear the uncertainty that was surrounding the investors,” said Tahir Abbas of Arif Habib Limited's Head of Research.

Pakistan's money exchange companies have removed the limit on the dollar-rupee rate from Wednesday as the Pakistan government is seeking to unlock a vital bailout from the International Monetary Fund (IMF). 

The IMF had set a condition for lifting the exchange cap before approving the $6.5 billion to bailout Pakistan which was readily accepted by the Shehbaz Sharif government. 

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