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Pakistani currency strikes record low point|Indiablooms


May 11, 2022

Islamabad: Pakistani currency struck a brand-new lowest level of Rs 190 versus the United States dollar in intra-day sell the interbank market on Wednesday.

Pakistan’s regional currency was trading at Rs 190.07 versus the greenback in the interbank market throughout intraday trade, exceeding Tuesday’s record low of Rs188.66, reports Geo News.

On The Other Hand, the Pakistan Stock Market (PSX) lost over 500 points.

The failure is stated to be “due to unpredictability concerning the revival of the International Monetary Fund (IMF) loan programme.Second, diminishing forex reserves,” a Pakistani expert informed the media outlet.

The hold-up in the resumption of the program has actually stopped the circulation of foreign currencies into Pakistan, consisting of from friendly nations like Saudi Arabia and the United Arab Emirates.

In late April, the IMF asked Pakistan to withdraw aids on petroleum items and electrical power to resume the loan program, as the aids were taking in over Rs 90 billion a month, which the cash-strapped nation might not manage, regional media reports.

(With UNI inputs)

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