Pakistan rupee plunges to record low for 16th session

The Pakistani rupee hit a record low of Rs 186.13 against the US dollar on Wednesday, from Rs 185.23 on the previous working day, according to the State Bank of Pakistan (SBP) data.

The Pak rupee has maintained a non-stop downward streak for the 16th successive working day except on March 24, when it closed flat compared to the previous day's closing with investors worried about the political situation and economy, adding pressure on the central bank to rescue the falling currency, reported Geo News.

The Pak currency dropped 0.48 pert cent (or Re 1) to a new historic low beyond the important threshold of Rs 186 against the US dollar in the inter-bank market on Wednesday.

The latest decline in rupee was seen after the Pakistan Bureau of Statistics (PBS) reported a significant surge of 70 per cent in trade deficit to $35.4 billion during the first nine months (July-March) of the current fiscal compared to the same period last year.

Besides, the International Monetary Fund (IMF) placed the ongoing $6 billion loan programme on hold for the third time in wait for the new government.

The IMF, however, clarified that it would engage to promote macroeconomic stability and looked forward to continuing its support to Pakistan.

The rupee has maintained a downward trend for the past 11 months. It has lost 22.23 per cent (or Rs 33.86) to date, compared to the record high of Rs 152.27 recorded in May 2021.

(With inputs from IANS)