World News | Value of Pakistani Rupee Falls to All-time Low at Rs 191.77 Against US Dollar

Islamabad, May 12 (PTI) The Pakistani rupee (PKR) continued its virtual free fall on Thursday, closing the day at its all-time low value of Rs 191.77 against the US dollar.

The PKR continued its downward slide in line with the predictions of analysts who feared more losses ahead as the country remains mired in political and economic instability, Geo News reported.

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Since July 1, 2021, the PKR has dropped by 21.72 per cent (Rs 34.23).

Cash-strapped Pakistan is passing through a phase of political and economic turmoil with former premier Imran Khan being removed from office through a trust-vote last month. Khan has demanded early federal elections and is planning mega-protest rallies.

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The newly-formed Shehbaz Sharif government is saddled with an economy which is still recovering from the COVID-19 pandemic and the spiked global prices of essential goods due to the Russia-Ukraine war and other such conflicts.

Pakistan's foreign exchange reserve, current account deficit and trade deficit figures are all in red because of huge debt payments.

In its latest report on Pakistan, the International Monetary Fund has predicted an annual growth of 4 per cent, against the country's central bank's estimates of around 4.8 per cent.

The IMF had put forward a list of demands for the revival of its bailout package to Pakistan.

These included withdrawal of fuel subsidy, banishing the tax amnesty scheme, increasing power tariff and imposing additional taxation measures.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)