Pak Rupee has depreciated further and reached Rs.149 against the US dollar in the interbank market. Following Pakistan’s 13th structural adjustment program with the International Monetary Fund (IMF), the rupee has sharply devalued and reached Rs. 149 on Friday morning.
On Thursday, the rupee devalued by Rs. 5.61 which is almost 4% and reached Rs147 in the interbank market. Presently, the Pak Rupee has reached Rs.149 in the interbank market.
Prime Minister Imran Khan did order the authorities to take action against the foreign exchange companies that were selling the dollar at a higher rate, following the sharp spike in the dollar value.
Forex Association of Pakistan President Malik Bostan told a private media company that the “rupee is expected to slide by a further 15 to 20 percent against the dollar by the end of this year”.
Bostan said that “there is no chance of the dollar coming down until the foreign exchange reserves situation is improved.”
Prime Minister’s Adviser on Finance Abdul Hafeez Sheikh said that the government is compelled to take some “important and tough decisions” in order improve the economy of the country as the foreign exchange reserves of Pakistan fell below $10 billion.