Pak Rupee crosses 212 against US Dollar as the Pakistani rupee remained highly volatile as it plunged to a record low of over Rs 212 against the US dollar in the inter-bank market on Monday.
The delay in IMF bailout package is the reason that Pak Rupee crosses 212 against US Dollar.
The US dollar was available at Rs 212 today and had closed at Rs208.75 on Friday, according to the State Bank of Pakistan (SBP).
The latest fall in the rupee’s value against the USD comes after traders resorted to panic buying on reports that some commercial banks had run out of the foreign currency.
Businessmen have urged the SBP to play its due role in controlling the free-fall of the rupee. However, the central bank seemed helpless to control the situation as it cannot supply dollars in the market to support the rupee since its own stock of dollars also stands at a depleted level.
Pakistan’s foreign exchange reserves (maintained with the SBP) have depleted to a critical level and the country has less than six weeks of import cover remaining.
The reserves are currently below $9 billion. Pak Rupee crosses 212 against US Dollar.
The country is fulfilling the prerequisite conditions to revive the IMF loan programme to avoid default on international payments.
