At roughly 11 a.m. on Tuesday, the Pakistani rupee fell further by Rs. 2.50 to a record low of Rs. 215.65 against the US dollar in the interbank market.
Despite Finance Minister Miftah Ismail’s guarantee that the International Monetary Fund (IMF) program would resume “in a day or two,” the rupee has now crossed the threshold of 215 for the first time.
Monday’s rupee/dollar exchange rate was Rs. 209.96.
According to Alpha Beta Core (ABC) CEO Khurram Schehzad in an interview with The News Agency, “Traders have indulged into panic buying dollars…amid prolonged delay in the revival of the IMF program and fast depletion in foreign exchange reserves.”
A worsening balance of payment crisis was indicated by the reserves dropping below $9 billion.
According to other experts, there is a confidence crisis and traders have lost faith in the rupee as a result of contradicting information about the currency’s future worth.
Commercial banks, or the inter-bank players, have predicted and are preparing for an abrupt decline in the value of the rupee.
Some currency traders associate the IMF requirements with the predicted decline in the value of the rupee.
According to experts, the rupee has already lost value much beyond its current fair value of about Rs. 190.
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