Pakistan’s currency reaches all-time low against US dollar

Pakistan’s currency reaches all-time low against US dollar

Pakistan's currency has reached a new all-time low against the dollar after the government last week reached a preliminary agreement with the IMF for USD 6 billion bailout.

The Pakistani rupee dropped to 147 rupees to the dollar onThursday morning.

The rupee was traded at 141 to the dollar earlier this week,prompting government officials to meet with currency dealers to discuss how tostabilize the currency.

Last week, Pakistan in a preliminary agreement with theInternational Monetary Fund agreed to follow a market-determined exchange rate.

Currently, Pakistan's central bank controls the currencyexchange rates.

Pakistan is currently facing significant economicchallenges, with declining foreign exchange reserves, diminishing growth andincreasing trade deficit. (Agencies)

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