Karachi May 25 2022: Pakistan rupee continue its slide against the dollar for the sixteenth consecutive day to trade above 202 in the interbank over political tension in the capital city of Pakistan.
This is happening at a time which country is already going through uncertainty of IMF program as Government decided not to increase petroleum and electricity prices, which is against the conditions of the IMF.
The Rupee drops nearly 0.4% or 89 paisas to trade at the level of 202.3.
In open market dollar is trading at 204 at 12:25 PST
PKR has been consistently falling since last 16 trading sessions losing almost 8% against the dollar. Since, start of this fiscal year Rupee has lost ~22%.
On Tuesday, Rupee closes at all-time high of Rs201.41 in the interbank market.
The higher demand for dollars is the main reason for the depreciation of Pak Rupee in the currency market. Political foot-dragging by the incumbent government on the increase of fuel and electricity prices — a prerequisite for the resumption of the International Monetary Fund (IMF) loan programme has further eroded the confidence of stakeholders.
