The Pakistani rupee has hit a new historic low in the interbank market amid mounting political pressure on the government to call early elections.
The local currency rupee (PKR) traded at 200 200 during intraday trading on Thursday, Geo News reported.
On Thursday, the Pakistani rupee closed at PKR 198.39. But the currency today crossed a staggering 200 milestones in the first few hours of trading.
This is due to growing uncertainty over the revival of the International Monetary Fund’s (IMF) lending program.
In this context, Pakistan’s Prime Minister Shahbaz Sharif has convened an important meeting on the economic situation to discuss ways to curb currency devaluation.
During the meeting, Prime Minister Sharif was briefed on the import-export situation of the country. He asked the concerned authorities to submit a report on the implementation of the decision on ban on import of non-essential items announced on Thursday.
Pakistan’s Finance Minister Miftah Ismail held a virtual meeting with the head of the IMF mission earlier this week. According to Geo News, Pakistan has indicated to the IMF negotiating team that it is willing to take “tough measures” to resume suspended USD 6 billion funding activities.
The report added that the Pakistani authorities would make every effort to call on the IMF’s review mission to reduce the cost of understanding inflation, which could affect its population.
(Except for the title, this story was not edited by NDTV staff and was published from a syndicated feed.)