On Wednesday, the Pakistani Rupee (PKR) continued to decline against the US Dollar (USD), reporting losses in the interbank market and dropping to an all-time low.
The PKR declined by 0.72 percent versus the US dollar today, ending at Rs. 190.50.
| DATE | EXCHANGE RATE (PKR) | CHANGE (PKR) |
|---|---|---|
| 11 May 2022 | Rs. 190.02 | -0.72% |
| 10 May 2022 | Rs. 188.66 |
The rupee was projected to decline after the Eid holidays as remittances, which had increased in the run-up to the holiday, dried up. The local currency has been under pressure in recent days due to uncertainties surrounding the relaunch of the International Monetary Fund (IMF) program.
According to economists, the rupee’s fall versus the greenback is being driven by uncertainties surrounding the IMF. According to reports, Saudi Arabia has made the prospect of fresh deposits in the State Bank of Pakistan (SBP) conditional on the IMF bailout program being revived.
The administration is under enormous pressure to make a decision on terminating petroleum and power subsidies, as well as the removal of the previous government’s industrial amnesty. Ending the subsidies will make the IMF rescue possible.
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