A local currency dealer counts Pakistani rupees in Karachi in this undated photo. — Reuters

Rupee slides against dollar after govt plans to reduce petrol prices

by Pakistan News
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A local currency dealer counts Pakistani rupees in Karachi in this undated photo. — Reuters

KARACHI: The Pakistani rupee lost ground against the US dollar on Wednesday during interbank trade, slumping to 210.

The decline came after the government decided to reduce the price of petroleum products, leading to uncertainty in the market over the revival of the International Monetary Fund (IMF) programme.

Since the beginning of the last fiscal year (July 1, 2021), the rupee has dropped by a massive 31.97% (or Rs50.37) compared to the previous fiscal year’s close at Rs157.54.


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