Pakistan Currency: The economic crisis in Pakistan has reached its peak level. Every day is bringing a new problem for Pakistan which is facing economic crisis. In this sequence, the Pakistani rupee is continuously falling against the dollar. Caught in crisis, Pakistan is not even getting the support of its money. Now the Pakistani rupee has also touched its lowest level in the last 75 years against the dollar.
At one point of time during the trading, the currency fell to Rs 265 in the open market and Rs 266 in the interbank foreign exchange market. According to the State Bank of Pakistan, when the market opened on Friday, the currency declined by Rs 7.17, or 2.73 per cent, from Thursday’s closing price.
In fact, there has been a tremendous decline in the Pakistani currency against the US dollar on Friday. It reached Rs 262.6 against the American currency. On Thursday, the Pakistani rupee declined by about 9.67 percent and after that the rupee had reached 255.43 Pakistani rupees against 1 dollar. The headache of the Pakistani government has increased because even on this record decline of the Pakistani rupee, there is no hope of stopping and now this figure has reached Rs 262.6.
pakistani rupee falling continuously
The Pakistani rupee had closed at Rs 230 per dollar on Wednesday. Within a few hours of the opening of the market on Thursday, it further fell to Rs 255. Pakistan wants an important installment of $ 1.1 billion out of the $ 6 billion relief package to avoid default on debt repayment. Pakistan is in talks with the Monetary Fund to issue a relief package.
Pakistan going through worst situation
Analyst Ahsan Rasool says that the fall in the rupee is an indication that Pakistan is very close to getting the much needed loan from the IMF at this time. A few days ago, Prime Minister of Pakistan Shehbaz Sharif had said that his government is ready to accept IMF’s tough conditions to restore the $6 billion relief package that has been stalled for the past few months. Pakistan is going through the worst economic situation amidst the decrease in foreign exchange reserves.
read this also: Pakistani Rupee: Pak trapped in the vortex of destruction, Pakistani rupee fell to the lowest level ever