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Business News

May 17, 2019
9:00PM

Pakistani rupee tumbles to fresh life-time low against dollar

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Pakistani rupee tumbled to a fresh life-time low of Rs 150 per dollar today amid rising demand for the greenback.

The deterioration of the rupee followed a USD 6 billion assistance package by the International Monetary Fund (IMF) under strict conditions, including allowing more space to market forces to determine the exchange rate.

The weaker rupee had a domino impact on the stock market. The Pakistan Stock Exchange 100 index lost 804.5 points to close at 33,166, registering a 2.4 per cent downfall.

Meanwhile, the foreign exchange reserves dwindled to USD 8.846 billion, putting pressure on the State Bank of Pakistan to urgently address the issue.

Opposition parties criticised Prime Minister Imran Khan's handling of the economy, saying the country's financial problems have increased since he took over in August last year.
 

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