Local currency traded for Rs (PKR) 200 per USD in intraday trading this Thursday. Geo News reported. The Pakistani Rupee was a whopping 200 within the first hours of trading this morning.
Local currency traded for Rs (PKR) 200 to USD during the intraday market this Thursday. Geo News reported.
On Thursday on Thursday, the Pakistani rupee traded in PKR 198.39. However, the currency crossed the shocking mark of 200 in the first hour of trading on the market today.
This is in the midst of an increasing sense of uncertainty regarding the renewal of the International Monetary Fund (IMF) loan program.
With this in mind, Pakistan Prime Minister Shehbaz Sharif called a crucial meeting regarding the current economic situation to discuss the issues stopping the currency from falling.
At the time of the meeting, Prime Minister Sharif was informed of the state of exports and imports to the country. The PM asked the relevant authorities to provide an implementation report regarding the decision to prohibition on the import of non-essential products which was announced on Thursday.
Pakistan Finance Minister Miftah Ismail held a virtual meeting with the IMF mission head in the last week. In a report by Geo News, Pakistan has stated to the IMF negotiations team that it would like to adopt “tough measures” to restart the delayed US$ 6 billion programme.
The report further stated that Pakistani authorities will take every step to encourage the IMF’s review team to reduce the price of inflation burden , which will affect the entire population.