Pak Rupee has devalued to an all-time low of Rs. 148.5 against the US dollar in the interbank market. In early hours of trading, the rupee weakened by more than 5% or Rs7.10 from Wednesday’s close of Rs. 141.4
A day after Prime Minister Imran Khan constituted a committee to control the rupee depreciation against the US dollar, the rupee has devalued again reaching Rs. 147 in the open market.
Only yesterday, the Pakistan rupee depreciated by Rs. 2.25 against the US dollar and crashed to Rs.146. Later on, it got stable.
Dealers have been warned that strict action will be taken against them if they are found selling dollar above PKR.144.
According to the experts, it was expected that rupee will fall as the government agreed to accept terms of IMF. The government opted for a 39-month loan program with IMF giving $6 billion to Pakistan.
The loan program was signed on Sunday. An IMF condition said that let the market forces make the decision regarding the rupee-dollar exchange rate.
There was a lot of speculation regarding the rupee depreciation reaching Rs. 165 to Rs. 170 by December 2019. Before that the State Bank of Pakistan let the rupee depreciate by 34% to Rs141.4 since December 2017.