The Pakistani rupee dropped to 147 rupees to the dollar on Thursday morning. The currency of the country had hit at the lowest after the government reached a preliminary agreement with the IMF for $6 billion bailout. The Pakistani rupees traded at 141 to the dollar earlier this week. Though government officials met currency dealers to find out the ways to stabilize the currency yet it failed to generate the desired results as the currency has further plummeted within a week.
Last week, Pakistan in a preliminary agreement with the International Monetary Fund agreed to follow a market-determined exchange rate. Presently, Pakistan central Bank controls the currency exchange rates. Pakistan is currently facing significant economic challenges, with declining foreign exchange reserves, diminishing growth and increasing the trade deficit.
