Karachi May 18 2022: Pakistan rupee continue its slide against the dollar at closes level of 198 to close the trading at 198.39 in the interbank over uncertainty of IMF program as Government decided not to increase petroleum and electricity prices, which is against the conditions of the IMF.
The Rupee drops nearly 1.34% or 2.65 to close the day at 198.39.
PKR has been consistently falling since last 10 trading sessions losing 6.65% against the green back. Since, start of this fiscal year Rupee has lost 20.59%.
Yesterday, Rupee closes at all-time high of Rs195.74 in the interbank market.
The higher demand for dollars is the main reason for the depreciation of 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 programme has further eroded the confidence of stakeholders.