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KARACHI: The Pakistani rupee plunged to 200.06 against the US dollar in the interbank market as concerns regarding the upcoming budget 2022-23 and revival of the multibillion-dollar International Monetary Fund (IMF) programme fueled a downtrend.
According to the State Bank of Pakistan (SBP), the local currency shed Rs2.14, or 1.07%, against the greenback on Monday.
The last time the rupee had breached the 200 mark was no May 19, when there was higher uncertainty over the revival of the IMF loan programme than now. The local currency only depreciated after the government hiked the price of petroleum products by Rs. 30 per litre as a result of removing subsidies — one of the main demands of the money lender.
The local currency closed at an all-time high of Rs202 against the US currency on May 26.
Since the beginning of this fiscal year (July 1, 2021) to date, the rupee has collectively dropped by a massive 26.98% (or Rs42.52) compared to the previous fiscal year’s close at Rs157.54.
The rupee has maintained a downward trend for the last 13 months. It has lost 31.38% (or Rs47.79) to date, compared to the record high of Rs152.27 recorded in May 2021.
