Pakistani rupee drops to record low against dollar

Pakistani Rupee dropped to an all-time low against the U.S. dollar, crossing the barrier of 300 Rupees to the greenback, on Thursday, the State Bank of Pakistan said.

The closing exchange rate of the Pakistani currency in the interbank market stood at 300.22.

This is a decrease of 0.58 rupee or 0.19 per cent from Wednesday, the central bank said in a statement.

Local trade analysts attributed the ongoing depreciation observed in the rupee’s value to the International Monetary Fund (IMF’s requirement.

IMF requirement restricts the government from interfering in the market to influence the exchange rate.

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Earlier on Wednesday, Deputy Governor of the SBP, Inayat Hussain, briefed the Senate Standing Committee on Finance and Revenue.

Hussain said the devaluation of the rupee is primarily being driven by an increasing demand for dollars among the public and the removal of import restrictions.

Sen. Saleem Mandviwalla, the chairman of the committee, suggested the SBP should implement preventive actions to stabilise the dollar’s value.

Mandviwalla advised the government to discourage unnecessary purchasing of dollars by Pakistanis. (Xinhua)