Pakistani rupee plummets to an all-time low against USD amid crisis

The Pakistani rupee on Tuesday plummeted to an all-time low against the US dollar, trading at 185.40 PKR in the interbank market during intraday trading, up 1.31 PKR from 184.09 on April 1.

The local currency surpassed the 185 PKR-mark for the first time in the history of Pakistan, said Geo News.

It has declined by nearly 7 PKR against the greenback in the last month.

The Pakistani rupee has maintained its slump mainly because the US dollar is gaining strength against other major global currencies for the past few days.

However, the recent decline came on the back of the uncertain political situation and stalled IMF programme.

Pakistan-Kuwait Investment Company Head of Research Samiullah Tariq said: "Pakistani rupee is depreciating because of uncertainty regarding the continuity of the IMF programme, which is dependent on the formation of the caretaker government."

On Monday, the IMF had assured that it would continue to provide support to the "new formed government" and will involve in policy talks with them to enquire about their intentions about the loan.

Meanwhile, other currency dealers said the rupee is expected to remain under pressure in the ongoing week on the unending political showdown in the country.