PKR touches all-time low

The PKR fell more than 3.6% against the USD on Thurs (16th May’19) following an agreement with the IMF on a $ 6Bn loan that is expected to come with strict conditions, including a market determined exchange rate. The PKR ended the day in the interbank market at 146.52 against the USD, compared to PKR 141.40/USD on Wed (15th May’19). The currency has lost more than a third of its value against the dollar since the start of last year. The SBP has justified the devaluation in interbank market and said that this movement will help correct market imbalances.