The rupee lost 0.63% (or Rs1.30) to stand at Rs205.16 against the greenback compared to Monday’s close at Rs203.86, according to the State Bank of Pakistan’s (SBP) data. The rupee plunged to a new all-time intra-day low of Rs205.77 before partly recovering by the close of market. In the current fiscal year (July-June 2021-22), the rupee has slumped 30.22% (or Rs47.62) to Rs205.16 compared to Rs157.54 on June 30, 2021. In his latest statement, Finance Minister Miftah Ismail said the complete withdrawal of subsidies on petroleum products by July was a must to revive the IMF loan programme and avoid default on international payments. The stability in the rupee will only come once there is certainty about the staff-level agreement with the IMF.

Source: The Express Tribune June 15, 2022 19:08 UTC