The Pakistani Rupee (PKR) plunged to Rs. 300 against the US Dollar (USD) in the open market due to prevailing uncertainty coupled with falling exports and remittances.
Meanwhile, the US Dollar (USD) closed at Rs. 291.51 in the open market, falling Rs. 3.02 compared to the last working day on August 11 (Friday).
Another major contributing factor towards the devaluation of the Pakistani Rupee (PKR) is opening all imports, which has put pressure on the country’s foreign exchange reserves.
However, the decision was taken as part of the conditions set forth by the International Monetary Fund (IMF) to continue the stalled loan programme.
Pakistani Rupee (PKR) is expected to fall further against the US Dollar (USD) to narrow the gap between open market and the interbank market, which is another condition set by the IMF.
In other news, the caretaker Government will announce change in petroleum prices for the next fortnight from August 16 to 31 tonight.