Rupee’s devaluation continues, reaches 205 against USD in interbank trading

The devaluation of Pakistani rupee continues as US dollar has reached the new highest value of Rs205.50 in the interbank market.

One day ago, the currency closed at Rs203.85 per dollar. Market and economic experts have been linking the devaluation of rupee with delay in revival of IMF program.

The dealers in foreign exchange market have been reported to be saying that the continuous fall in value of rupee depends heavily upon the approval of budget according to demands of IMF.

Experts have said that $2.4 billion financial assistance from China and the finance minister’s assurance about economic stability could also play an important role to stabilize things.

IMF has already stated that additional measures would be required in order to bring the budget 2022-23 in-line with objectives of IMF programs.

Government has already taken steps to avail the IMF program. POL prices, electricity tariffs and gas prices have been increased by the government as compulsory conditions imposed by IMF.