Canada Global (Web News) On Thursday, the Pakistani rupee plunged by Rs24.11 (or 9.45%), reaching an all-time low of Rs255 against the US dollar in the interbank market.
The government no longer controls the rupee-to-dollar exchange rate, in compliance with an International Monetary Fund (IMF) regulation, which is what caused the most recent fall.
According to the State Bank of Pakistan, the local currency had reached a day earlier a closing rate of Rs230.89 versus the US dollar (SBP). The Pakistan Stock Exchange (PSX), however, rose by 1,200 points during the day thanks to the depreciation of the currency.
Prior to the start of the IMF’s $7 billion loan package, financial experts predicted that the native currency could depreciate to Rs250–260 versus the US dollar.
Central bank investigated banks and found 13 institutions to be at fault. The SBP announced earlier this month that it would take action against the banks soon.