Pakistan currency hits all-time low against US dollar
Pakistan’s currency hit all-time low against US dollar on Thursday after it dropped to Rs 148 per dollar in the inter-bank market.Islamabad, PTI | Updated : 17 May 2019, 12:06 AM
Pakistan currency hits all-time low against US dollar (file photo)
Pakistan’s currency hit all-time low against US dollar on Thursday after it dropped to Rs 148 per dollar in the inter-bank market.
The devaluation followed bailout package by the International Monetary Fund (IMF) in the weekend. The IMF agreed to provide USD 6 billion to Pakistan under stringent conditions, including higher role of market forces in determining currency rates.
Opposition parties blamed Imran Khan-led PTI government’s policies for weakening the national currency.
“The prime minister is responsible for the mess in which he has landed the country,” Maryyium Aurangzeb of PML-Nawaz said.
In August last year, when Khan took over the government, one dollar was equal to Rs 124.
The devaluation of rupees in the first nine months of the Imran Khan government is massive by all standards, experts said.