KARACHI: After gaining Rs2.76 against the PKR, the US dollar kept going up and reached Rs198.5 in interbank trade during the day.
Foreign exchange reserves are running low, and it’s not clear when the International Monetary Fund (IMF) program will start up again. Both of these things are hurting the local currency.
Compared to the previous close of 195.74, the price of the dollar was around Rs 198.5.
The International Monetary Fund will start talking with Pakistani officials on Wednesday about how to get important funds.
Pakistan’s finance ministry said that the talks will take place in Doha, the capital of Qatar. They are expected to last into next week.
Costly subsidies, especially for fuel and electricity, are likely to be a big problem, and Finance Minister Miftah Ismail said he wants the two sides to “find a middle ground.”
