Skip to main content

Cash-Strapped Pakistans Currency At Record Low Of Rs 255 Against Dollar

By
Cash-Strapped Pakistan's Currency At Record Low Of Rs 255 Against Dollar

The Pakistani rupee fell by Rs 24 and was trading at Rs 255 against the US dollar

New Delhi:

Pakistan's currency today has fallen to a record low of Rs 255 against the US dollar, according to local media reports. The tumble comes after the cash-strapped government relaxed its grip on the exchange rate to win much-needed loans from the International Monetary Fund (IMF).

Pakistan's money exchange companies removed the limit on the dollar-rupee rate from Wednesday, and said they will let the local currency drop slowly in the open market.

The Pakistani rupee fell by Rs 24 and was trading at Rs 255 against the US dollar at 1 pm, the Express Tribune reported.  

The IMF had asked the Pak government to end its control and let market forces determine the currency rate, a condition that was readily accepted. Pakistan has been looking to win the global body's approval to get $6.5 billion in funding which is currently stalled.

While Pakistan won an IMF bailout last year, the release of funds has been stalled this year.

The low forex reserve in Pakistan has led to massive food inflation. In some parts of the country, a packet of flour is being sold for as high as Rs 3,000. Videos of people fighting for food and chasing food trucks are doing the rounds on social media.

The country has also plunged into darkness owing to frequent blackouts.

"We haven't been able to do anything. Everybody is sitting idle. We can't operate any machines," says Zafar Ali, who runs a workshop.

Pakistan's central bank this week also raised interest rates to a 24-year high to fight surging prices.

Featured Video Of The Day

At Pathaan Screening, Deepika Padukone, Anil Kapoor, Malaika Arora And Others

Adblock test (Why?)



from NDTV News- Special https://ift.tt/FdkrVSR https://ift.tt/NLSsGpV
via IFTTT
Labels:

Comments

Post a Comment

Popular posts from this blog

Salaries Of 12700 Punjab Teachers Tripled After Regularisation

By
Punjab government has tripled the salaries of 12,700 teachers, who were regularised recently. Chandigarh: Punjab Chief Minister Bhagwant Mann on Tuesday said the salaries of 12,700 teachers, who were regularised recently, have been increased by up to three times. In a statement here, Mr Mann said these teachers will be known as associate teachers and special inclusive teachers, adding that they will be governed by a 'Policy for Welfare of Adhoc, Contractual, Temporary Teachers (Nation Builders) and other employees in the School Education Department'. Based on their educational qualifications and primary conditions for entry into services, their emoluments have been fixed up to the completion of 58 years in service. Mr Mann said these teachers will be entitled to an increment of 5 per cent on their salaries every year. The chief minister said BA pass education providers (associate teachers) who were hitherto getting Rs 9,500 per month will now get Rs 20,500 as an emolum...
Post a Comment
Read more

Russian Mercenary Arm Wagner Groups Says Moscow Army Attacked Its Forces

By
Russian mercenary group Wagner said that Moscow attacked on its rear camps. Moscow: The chief of Russian mercenary group Wagner on Friday accused Moscow's military leadership of ordering strikes on their camps and killing a "huge" number of forces. "We were ready to make concessions to the defence ministry, surrender our weapons," Yevgeny Prigozhin said in a furious audio message released by his spokespeople. "Today, seeing that we have not been broken, they conducted missile strikes at our rear camps." (Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.) Adblock test (Why?) from NDTV News- Special https://ift.tt/J4lDwvL https://ift.tt/w7JfFhE via IFTTT
Post a Comment
Read more

"Jaiswal Has Run Ahead Of Gill": Ex-India Star's Massive T20 WC Verdict

By
Former India opener Aakash Chopra has suggested that Yashasvi Jaiswal is slightly ahead of Shubman Gill in the pecking order as captain Rohit Sharma's partner at the top in T20Is. Since making his debut last year, Jaiswal has been in stunning form in the shortest format of the game. Gill's form, on the other hand, has dipped since the ODI World Cup last year in India. With the T20 World Cup scheduled to be held later this year, Chopra feels Jaiswal will open the innings with Rohit during the tournament. "It's clear that Yashasvi Jaiswal has run ahead of Shubman Gill. Yashasvi is ahead in the two-horse race, Gill is lagging slightly behind. Gill was played in the first match, dropped in the second, and wasn't played in the third as well," Chopra said on his YouTube channel. Jaiswal helped India beat Afghanistan in the second T20I earlier this week, scoring a quickfire fifty. Considering his recent form across formats, Chopra emphasised that Jaiswal has ...
Post a Comment
Read more