Pakistani rupee hits new low of 200 against dollar
BI Desk || BusinessInsider
Pakistani ruppee notes. Photo: Representational
The Pakistani rupee dropped to a new historic low in the interbank market amid increasing political pressure on the government to announce early elections.
The local currency was traded at rupees 200 against the US dollar during intraday trade on Thursday, Geo News reported.
On Thursday, the Pakistani rupee closed at PKR 198.39. But currency surpassed the startling milestone of 200 within the first few hours of trading.
This comes as there is increasing uncertainty over the revival of the International Monetary Fund (IMF) loan programme.
Against this backdrop, Pakistan Prime Minister Shehbaz Sharif convened an important meeting on the economic situation to discuss issues related to preventing the currency from devaluing.
During the meeting, PM Sharif was apprised of the situation regarding imports and exports of the country. He asked relevant authorities to present an implementation report on the decision regarding the ban on importing non-essential items announced on Thursday.
