The Pakistani rupee fell by Rs 24 and was trading at Rs 255 against the US dollar
New Delhi:
According to local media reports, the Pakistan currency today fell to a record low of Rs 255 against the US dollar. comes after the fall Government facing cash crunch loosened its grip on the exchange rate to win a much-needed loan from the International Monetary Fund (IMF).
Pakistan’s currency exchange companies removed limits on the dollar-rupee rate from Wednesday, saying they would allow the local currency to depreciate gradually in the open market.
The Pakistani rupee fell by Rs 24 and was trading at Rs 255 against the US dollar at 1 pm, The Express Tribune reported.
The IMF asked the Pakistani government to relinquish its control and allow market forces to determine the currency rate, a condition that was readily accepted. Pakistan is looking to get the global body’s approval to receive $6.5 billion in funding which is currently stuck.
While Pakistan won the IMF bailout last year, this year the release of funds has stalled.
Low foreign exchange reserves in Pakistan have led to massive food inflation. In some parts of the country, a packet of flour is being sold for up to Rs 3,000. Videos of people fighting for food and chasing food trucks are going viral on social media.
Due to which the country has also plunged into darkness. frequent blackouts,
Zafar Ali, who runs the workshop, says, “We could not do anything. Everyone is sitting idle. We can’t run any machine.
Pakistan’s central bank also this week raised interest rates to a 24-year high to combat rising prices.
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