Pakistani rupee crashes to new low of 237 per dollar

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<strong>Even as the Pakistani rupee has been steadily losing value for the last few months, its fall of more than Rs 4 from yesterday’s close has caught the attention of the country’s policymakers. Today, in the interbank market, the rupee fell to a fresh low of 237 against the US dollar. On Tuesday, it closed at 232.93 against the dollar. Analysts said that the Pakistani rupee has been directly impacted by the rising political and economic uncertainty in the country.</strong></p>
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The delay in the release of the International Monetary Fund assistance has only added to the problem.</p>
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However, Pakistani Finance Minister Miftah Ismail has assured that the pressure on the currency was temporary and that it would “vanish” soon and that the IMF loan would come within weeks.</p>
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In a conversation with Mosharraf Zaidi, CEO of Islamabad-based policy think-tank Tabadlab, Ismail said that “it’s no fun going to the world, to the International Monetary Fund (IMF), to the Chinese, to the Saudis, asking for money,”<a href="https://nation.com.pk/2022/07/27/pressure-on-rupee-to-end-in-few-weeks-miftah-ismail/">the Nation</a> reported.</p>
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“The central bank should take strict measures against exporters who are not bringing back their proceeds to the country in due time,” Pakistan newspaper Dawn quoted Malik Bostan, chairman, Forex Association of Pakistan as saying.</p>
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Bostan also underlined the need for Islamabad to use local currency for trading with Afghanistan “as it would save $2 billion in foreign exchange.”</p>