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Pakistan's currency reaches all-time low against US dollar

AP  |  Islamabad 

Pakistan's currency has reached a new all-time low against the dollar after the government last week reached a preliminary agreement with the IMF for USD 6 billion

The Pakistani rupee dropped to 147 rupees to the dollar on Thursday morning.

The rupee was traded at 141 to the dollar earlier this week, prompting government officials to meet with currency dealers to discuss how to stabilize the currency.

Last week, in a preliminary agreement with the agreed to follow a market-determined exchange rate.

Currently, controls the currency exchange rates.

is currently facing significant economic challenges, with declining foreign exchange reserves, diminishing growth and increasing trade deficit.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, May 16 2019. 16:56 IST