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Pakistani currency plummets to fresh low against dollar

twitter-logoPTI | May 21, 2019 | Updated 18:53 IST

Karachi, May 21 (PTI) The Pakistani rupee tumbled to a fresh life-time low of 152.25 per dollar while in the open market it was trading at 153.50 at the close on Tuesday. Tuesday is the fourth consecutive business working day that the Pakistani currency has shed its value to the US dollar. The rupee has weakened by over seven per cent or over 10 rupees in the four days. The State Bank of Pakistan said that in its view the recent movement in the exchange rate reflects the continuing resolution of accumulated imbalances of the past and some role of supply and demand factors. "The exchange rate… came under pressure in the last few days,” the central bank said in its latest monetary policy statement issued on Monday. "The bank will continue to closely monitor the situation and stands ready to take measures, as needed, to address any unwarranted volatility in the foreign exchange market,” it said. The deterioration of the rupee followed a USD 6 billion assistance package by the International Monetary Fund (IMF) under strict conditions, including allowing more space to market forces to determine the exchange rate. The government signed the loan programme on May 12 and since then the rupee has continued to lose value to the US dollar. Financial and market experts say the rupee losing its value in the market is expected as the IMF’s primary condition for releasing the latest bailout package is that the government leave inter-bank market free from state control. Opposition parties criticised Prime Minister Imran Khan's handling of the economy, saying the country's financial problems have increased since he took over in August last year. PTI CORR ZH ZH

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