KARACHI: The Pakistani rupee on Tuesday plunged to a new all-time low against the US dollar, reaching Rs288 in the interbank market.
The devaluation of the currency is attributed to the delay in the revival of the International Monetary Fund (IMF) loan program and the increasing risk of default on foreign debt repayment.
On the interbank market, the rupee is currently being exchanged at a rate of 288 against the greenback. This represents a 1.03% decrease, or a drop of Rs2.96, from the closing exchange rate of Rs285.04 on Monday.
The open market also saw an increase in the value of the US dollar, with the greenback experiencing a surge of Rs3.50 to reach a trading value of Rs291.
Meanwhile, the State Bank of Pakistan (SBP) is expected to announce a significant increase in the policy rate at today’s Monetary Policy Committee (MPC) meeting. According to sources, the rate could be raised by anywhere from 2% to 3% for the next six weeks.
Read more: SBP jacks up key rate to record high of 21 per cent
