Pakistani Rupee has dropped to Rs 134 against the dollar in the interbank market. When the market closed on Monday, the dollar stood at Rs 124.25 but on Tuesday the dollar surged by Rs9.75. Due to the depreciation of rupee by Rs 9.75, there is quite an uncertainty in the market.
The government has decided to approach the International Monetary Fund (IMF) to curb the existing financial crisis in the country and experts believe that it has become the reason for the increase in dollar price against the rupee.
Asad Umar the present Finance Minister in a video message revealed that Pakistan will immediately approach IMF as Prime Minister Imran Khan has given a go-ahead signal. He said that the previous government has left Pakistan in a terrible situation. Umar said, “We have to find a way to get out of this difficult situation.”
Pakistan will request IMF for $6 to $7 billion. IMF will demand Pakistan to control its non-development expenses to reduce the budget deficit.
It is pertinent to mention here that on Monday the stock market index went down as KSE-100 dropped 1,300 points during trading. KSE-100.