Pakistani rupee to indian rupee

The Pakistani rupee plunged to a record low of Rs 255.43 against the dollar in the interbank market on Thursday, sliding Rs 24.54 or 9.61 per cent from yesterday’s close. This came after the removal of an “unofficial price cap on the exchange rate”, Dawn reported. This is the largest single-day drop since 1999, when the new exchange rate system was first introduced. The government reportedly relaxed its grip on the currency to avail much-needed loans from the IMF to rescue the crisis-stricken economy, Bloomberg reported. In Explained | Meeting the conditions for an IMF bailout Dollar-strapped nations seeking aid from the IMF are facing growing pressure to allow market forces to play a greater role in setting their exchange rates. While Pakistan won a bailout last year, the IMF has delayed the release of further funds (amounting to nearly $ 6.7 billion) as the nation battles to keep its economy afloat amidst Financial analyst Saad Bin Naseer noted that one of the main requirements to complete the ninth review of the IMF programme, which would unlock $1.2 billion, was adherence to a market-based exchange rate. Crucially, despite the crashing Pakistani rupee, Pakistan’s stock market showed positive signs. The benchmark KSE-100 index rose 2.4 per cent, the most in over five months. Experts pointed at this as evidence of Pakistan welcoming this move. Click here for more PKR expected to drop even further “The rupee will continue to weaken and may hit 260 a dollar by end-June,” A...