Amidst uncertainty over the delay of International Monetary Fund (IMF) bailout funds and the State Bank monitory policy meeting, the Pakistani rupee saw a significant depreciation against the US dollar on Tuesday. In intra-day trading, the local currency hit a record low of 287.90, marking a decrease of Rs2.86 against the greenback.
This follows Monday’s decline, where the PKR lost ground against the US dollar, closing at 285.04 in the inter-bank market, with a decline of Rs1.25. Financial experts have suggested that the resumption of the IMF programme could help to improve the situation as the crisis in South Asian nations worsens in recent days. The decline in Pakistan’s forex reserves is also a cause for concern.
As the economic situation in Pakistan remains uncertain, there is a growing need for swift and effective action to address the challenges faced by the country. The government and relevant authorities must work together to find solutions that can help stabilize the economy and prevent further deterioration. With careful planning and sound policies, it is possible to overcome the current crisis and put Pakistan on the path to sustainable growth and development.