Pakistani rupee has dropped by Rs0.82 against the dollar. It closed at Rs133.84 in the inter-bank market on Friday. The rupee went down slightly after Pakistan has begun talks with IMF discussing a financial bailout package.
On Thursday the rupee went down and closed at Rs133.02 against the dollar. It touched intra-day low at Rs134.04 as Pakistan’s foreign exchange reserves dropped to 4.5 years low and reached $7.67 billion. After that on Friday rupee went further down by Rs.082 or 0.61% from the close on Thursday.
Due to record uncertainty in the currency market and external financing requirements, the State Bank of Pakistan has let the rupee depreciate and now it has reached an all-time low of Rs133.85 against the greenback in the inter-bank market.
Earlier when the PTI government decided to go to International Monetary Fund’s (IMF) to overcome the fiscal deficit the rupee devalued against the dollar. Since December 2017, it was the fifth time that the rupee depreciated.
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However, on 24th October the rupee gained Rs1.92 reaching Rs132 against the greenback in the inter-bank market. At that time rupee strengthened following the Saudi bailout package of $6 billion. After that again rupee has continued to devalue against the dollar.