Pakistani rupee has hit a new all-time low when it was trading at Rs 270/$ today. This makes the Rupee worst ever performing currency in Asia. The government recently announced to lift cap on currency exchange and let the market determine the value of the Rupee. Since then, the Rupee has been depriciating. Pakistan has been trying to get the IMF loan to refuel its economy and the removal of exchange rate cap was a prerequisite of the said loan.
Director Research of Topline Securities told Express Tribune, “In wake of the latest adjustments in the past three-day (rupee down 14.36%/Rs38.74/$) … the Pakistani rupee has become the worst performing currency on the index.”
He added, “A further delay in the revival of the programme will lead towards default “
“All the political parties in the country have to agree on a charter of economy that will separate the economy from politics to resolve the current economic crisis. Otherwise, default will come – if not today, then in the months to come,” he further said.
