Monday, March 20, 2023

Pakistani Rupee Is Falling Against Dollar, Pak Govt Talk IMF Economic Crisis…

Pakistani Rupee Falling: The currency of Pakistan, which is facing financial crisis, has also become lifeless. The Pakistani Rupee has kept rolling and falling down. Now the value of Pakistani rupee has reached 283 against one dollar. That is, to equal 1 dollar, 283 Pakistani rupees have to be kept. At the same time, at present the value of Indian rupee is ₹ 82.14 per dollar.

State Bank of Pakistan said on Friday morning that the Pakistani currency closed at a low of Rs 276.58 per dollar in the Interbank market. This record went to the lowest level. It declined further on Friday evening and the price of 1 dollar became equal to 283 Pakistani rupees.

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Pakistani rupee falling continuously

A day before this, the price of 1 dollar was equal to 271.36 rupees of Pakistan. It declined by 1.89% on Thursday and the rupee closed at a loss of Rs 5.22. This information was given in the report of The Dawn, a leading newspaper of Pakistan. Its report said that when the government held talks with the delegation of the International Monetary Fund in Islamabad, the value of the Pakistani currency was decreasing even that time.

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Will get 1.2 billion dollar installment from IMF?

The International Monetary Fund (IMF) delegation has come to Pakistan to finalize the ninth review of the $7 billion loan to Pakistan. If this review is successful, it will clear the way for Pakistan to get the installment of $ 1.2 billion. On the other hand, the decision to remove the price cap was taken by the government when the country’s economic condition worsened due to repaying foreign debt and battling rising inflation.

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Foreign exchange reserves $ 3.09 billion

In addition, Pakistan’s foreign exchange reserves are also depleting, with foreign exchange reserves now at $3.09 billion, allowing Pakistan to cover only 18 days of imports, and to avoid a possible default, it needs an IMF bailout. There is a great need to release the next installment under it.

Also read: India’s foreign exchange reserves increased for the third consecutive week, reached a 6-month high

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