Published 17:42 IST, May 16th 2019
Pakistan's currency reaches all-time low against US dollar
Pakistan's currency has reached a new all-time low against the dollar after the government last week reached a preliminary agreement with the IMF for USD 6 billion bailout.
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Pakistan's currency has reached a new all-time low against the dollar after the government last week reached a preliminary agreement with the IMF for USD 6 billion bailout.
The Pakistani rupee dropped to 147 rupees to the dollar on Thursday morning.
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The rupee was traded at 141 to the dollar earlier this week, prompting government officials to meet with currency dealers to discuss how to stabilize the currency.
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Last week, Pakistan in a preliminary agreement with the International Monetary Fund agreed to follow a market-determined exchange rate.
Currently, Pakistan's central bank controls the currency exchange rates.
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Pakistan is currently facing significant economic challenges, with declining foreign exchange reserves, diminishing growth and increasing trade deficit.
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17:42 IST, May 16th 2019