The US dollar reached an all-time high against the Pakistani rupee on Tuesday, soaring to Rs182.50 in the open market, reports Samaa News. In the inter-market, the rupee reached Rs181.35 against the US dollar during the intra-day trade. The devaluation in the rupee has been seen despite a decrease in the current account deficit.
The current political situation in the country is said to be one of the reasons behind the increase in the value of the dollar against the local currency. In addition, concerns about the next tranche of the International Monetary Fund (IMF) is also a possible reason behind the devaluation. There has been no progress in Pakistan and the IMF’s seventh review talks for the release of the next loan tranche. The IMF expressed reservations about the PM’s relief package.
Despite market expectations, the declining current account deficit failed to entice investors, and the currency continued to fall to new lows.
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