Pakistan’s currency drops to an all-time low against the US dollar

The Pakistani rupee fell to 147 rupees to the US dollar on Thursday morning, according to the Hindu.

Pakistan’s currency has entered a fresh all-time low against the dollar after the government last week reached a preceding agreement with the IMF for $6 billion bailout.

The rupee was being exchanged at 141 rupees to the dollar earlier this week, prompting government administrators 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.

It will be interesting to see what the new Pakistan government lead by former Cricketer Imran Khan will take steps to stop the down spiral of the currency.

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