Pakistan’s currency reaches all-time low against US dollar
17, May 2019
Prelims level : Mains level :
- Pakistan’s currency hit an all-time low against the US dollar after it dropped to Rs 148 per dollar in the inter-bank market.
- The devaluation followed bailout package by the International Monetary Fund (IMF) in the weekend.
- The IMF agreed to provide USD 6 billion to Pakistan under stringent conditions, including a higher role of market forces in determining currency rates.
- Opposition parties blamed Imran Khan-led PTI government’s policies for weakening the national currency. Maryyium Aurangzeb of PML-Nawaz said in Islamabad that the prime minister is responsible for the mess in which he has landed the country.
- In August last year, when Khan took over the government, one dollar was equal to Rs 124.