Pakistan's currency reaches all-time low against US dollar

Pakistan's currency has reached a new all-time low against dollar after government last week reached a preliminary agreement with IMF for USD 6 billion bailout.

Pakistani rupee dropped to 147 rupees to dollar on Thursday morning.

rupee was traded at 141 to dollar earlier this week, prompting government officials to meet with currency dealers to discuss how to stabilize currency.

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Last week, Pakistan in a preliminary agreement with International Monetary Fund agreed to follow a market-determined exchange rate. 

Currently, Pakistan's central bank controls currency exchange rates.

Pakistan is currently facing significant ecomic challenges, with declining foreign exchange reserves, diminishing growth and increasing trade deficit.

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