Just days after securing a $6 billion bailout package from IMF to help to stabilize its foreign currency reserves, the Pakistani rupee has experienced a steep fall of Rs. 2.25 against the US dollar.
The staff-level agreement was signed on Sunday, and the final approval is still awaited from the IMF board, but the dollar has already surged vs the Rupee in the market.
The US currency is now being traded at an all-time high rate of Rs. 146.25 in the open market.
Rupee’s weakness has been attributed to the dwindling foreign currency reserves as well as the looming balance of payments crisis. The devaluation is being seen as a part of the strict conditions imposed by the international lending agency for the bailout package for Pakistan.
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