Karachi May 25, 2022: Pakistan rupee continues its slide against the dollar for the sixteenth consecutive day to close at 201.92 in the interbank over political tension in the capital city of Pakistan.
This is happening at a time when the country is already going through 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 0.25% or 51 paisas to close at 201.92.
In the open market, the dollar is trading at 204 at 15:05 PST.
PKR has been consistently falling over the last 16 trading sessions losing almost 8% against the dollar. Since the start of this fiscal year, Rupee has lost ~22%.
Yesterday, Rupee closes at an all-time high of Rs201.41 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.
