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Pakistani rupee touches new record low against US dollar

Falls to Rs173.2 against dollar in inter-bank market. (Source: Reuters)

KARACHI: Pakistani currency hit a new all-time low of Rs173 against the US dollar after shedding Rs2.02 (or 1.2%) during intra-day trading in the inter-bank market on Monday.

According to an update on Mettis Global, the Pakistani rupee shed an additional 82 paisas against the US dollar, which was being traded at Rs173 in the during intra-day trading in the inter-bank market.

The rupee had closed at Rs171.18 on Friday, according to the data from the State Bank of Pakistan (SBP). The local currency nosedived on conflicting reports pertaining to the ongoing talks between Pakistan and the International Monetary Fund (IMF).

Analysts had earlier predicted that the downtrend is expected to end soon as analysts suggest that the successful conclusion of the discussion between the IMF and Pakistan to resume a $6 billion loan programme will stabilise the rupee value at around current levels.

Shaukat Tarin insists Pakistan’s talks with IMF have not failed

Adviser to the Prime Minister on Finance Shaukat Tarin has asserted that the impression that Pakistan’s negotiations with the IMF have failed is false. “Pakistan is still negotiating a deal with the IMF,” the adviser said while speaking to Geo News.

“I always bluntly tell you like it is and I did the same today, tell you why we are in the mess that we are in today,” he said, adding, “I have told you about the deficiencies and how we fix them.”

He said the secretary of finance is still in Washington. Tarin said the country’s economic situation will improve. “Give us a little time, an incompetent person like me will deliver for you” he said.

A press statement by the Ministry of Finance confirmed what the prime minister’s advisor had earlier said. “Negotiations between Pakistan and IMF are moving forward positively. Secretary Finance Division is leading the talks in Washington DC while the technical teams of both sides are continuing detailed discussions in virtual format after exchange of relevant data sets,” it said.