Pakistan’s currency reaches all-time low against US dollar

ISLAMABAD – Pakistan’s currency has reached a new all-time low against the dollar after the government last week reached a preliminary agreement with the IMF for $6 billion bailout.

The Pakistani rupee dropped to 147 rupees to the dollar on Thursday morning.

The rupee was traded at 141 to the dollar earlier this week, prompting government officials to meet with currency dealers to discuss how to stabilize the currency.

Last week, Pakistan in a preliminary agreement with the International Monetary Fund agreed to follow a market-determined exchange rate. Currently, Pakistan’s central bank controls the currency exchange rates.

Pakistan is currently facing significant economic challenges, with declining foreign exchange reserves, diminishing growth and increasing trade deficit.