Pakistan’s currency fell to a record low of ₹ 255 against the US dollar on Thursday, according to local media reports. The tumble comes after the cash-strapped government relaxed its grip on the exchange rate to win much-needed loans from the International Monetary Fund (IMF).
Rupee fell by ₹ 24 and was trading at ₹ 255 against the US dollar
Money exchange companies removed the limit on the dollar-rupee rate from Wednesday, and said they will let the local currency drop slowly in the open market. The Pakistani rupee fell by ₹ 24 and was trading at ₹ 255 against the US dollar at 1 pm, the Express Tribune reported.
Pakistan has been looking to win the global body’s approval to get $6.5 billion in funding
IMF had asked the Pak government to end its control and let market forces determine the currency rate, a condition that was readily accepted. they has been looking to win the global body’s approval to get $6.5 billion in funding which is currently stalled.
IMF ready with tough economic conditions for providing financial assistance
Pakistan is facing a grave economic crisis with loan default staring in its face and the IMF ready with tough economic conditions for providing financial assistance. Pakistan’s media has taken external affairs minister Subrahmanyam Jaishankar’s invite to his counterpart Bilawal Zardari for the Shanghai Cooperation Organization (SCO) foreign ministers meeting in May as a sign of thaw with India post PM Shehbaz Sharif’s offer of dialogue with India, facts on ground are to the contrary.
Packet of flour is being sold for as high as ₹ 3,000
While Pakistan won an IMF bailout last year, the release of funds has been stalled this year. The low forex reserve in Pakistan has led to massive food inflation. In some parts of the country, a packet of flour is being sold for as high as ₹ 3,000. Videos of people fighting for food and chasing food trucks are doing the rounds on social media.
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India’s duty to invite all the SCO members in the run-up to the SCO summit
Pakistan’s central bank this week also raised interest rates to a 24-year high to fight surging prices. PM Sharif made the conditional offer on January 17, 2023, in an interview with a UAE channel, Jaishankar’s invitation letter was sent on December 24, 2022 via diplomatic channels. As the President of SCO in 2023, it is India’s duty to invite all the SCO members in the run-up to the SCO summit later this year.
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