Karachi May 24, 2022: Pakistan rupee continue its slide against the dollar for the fifteenth day to close at 201.41 in the interbank despite the increase in the policy rate by the State Bank of Pakistan over the uncertainty of the IMF program as the Government decided not to increase petroleum and electricity prices, which is against the conditions of the IMF.
The Rupee drops nearly 0.2% or 48 paisas to close at the level of 201.41.
In the open market, the dollar is trading at 201.65 at 14:23 PST.
PKR has been consistently falling since the last 15 trading sessions losing almost 7% against the greenback. Since the start of this fiscal year, Rupee has lost ~22%.
On Monday, Rupee closes at an all-time high of Rs200.93 in the interbank market.
The higher demand for dollars is the main reason for the depreciation of the Pak Rupee in the currency market. Political foot-dragging by the incumbent government on the increase of fuel and electricity prices — a prerequisite for the resumption of the International Monetary Fund (IMF) loan program has further eroded the confidence of stakeholders.
