Fall comes due to intern­ationa­l paymen­t pressu­reKARACHI: In line with market expectations, Pakistani currency fell and hit a new all-time low of Rs152.90 to the US dollar in the inter-bank market on Thursday apparently due to the mounting international payment pressure coming from depleting foreign currency reserves. “(Apparently) the mounting import payment and foreign debt repayment pressures have led to the rupee’s plunge,” Next Capital Managing Director Muzammil Aslam said while talking to The Express Tribune. Rupee continues to recover against dollar in inter-bankSecondly, Pakistan is scheduled to make most of the external debt repayment and interest payment at the end of June. On an average, Pakistan has made import payments worth $4.5 billion a month over the past 10 months. “The situation has created panic-like situation in the inter-bank market and mounted pressure on the rupee,” he said.

Source: The Express Tribune June 14, 2019 04:30 UTC