On Thursday, the rupee crashed as it lost more ground versus the US dollar, with the greenback reaching an all-time high of Rs192 in the interbank market.
According to the Pakistan Forex Association, the dollar broke through the 191-mark at the start of the day and climbed to Rs192.20 at 11:45 a.m., up Rs2 from the previous day’s closing of Rs190.20 — the currency’s previous high value before today’s session.
The recent drop was ascribed to uncertainties surrounding the International Monetary Fund (IMF) program, as well as a lack of government direction on significant economic policies and a roadmap. However, this not the first time during the recent times that rupee crashed to lose value considerably.
Meanwhile, according to data issued by the central bank, the State Bank of Pakistan’s foreign exchange reserves declined by US $328 million in the week ending April 23.