Dollar hits a new high of 172

October 18, 2021 (MLN): The free fall of the Pakistani Rupee (PKR) continued in an interbank market on Monday as the strong dollar demand and rising international crude oil prices dragged the rupee further at 172-mark in an intraday trade.

The local currency has plunged to a new record low against the dollar as it is presently being traded at 172.00/172.15 (10:43 PST) compared to the previous day’s close of 171.18 against the greenback.

No timeframe set for the conclusion of IMF negotiations and delay in the release of the committed tranche also created pressure on the home unit. 

“As per Finance Ministry tweet, negotiations between Pakistan and IMF are moving forward positively,” according to Asad Rizvi, Former Treasury Head-Chase Manhattan Bank.

But delay due to harsh conditionalities during COVID-19 is extremely unfair & in the negation of, the Managing Director of IMF, Kristalina Georgieva’s earlier press release to support emerging economies during the pandemic. A waiver should be given, he noted.

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