Pakistani rupee News

The drop was exactly in line with the market speculation that the domestic currency would face a fresh round of depreciation.

Economically bad Pakistan has got another blow. The Shehbaz Sharif government of Pakistan has decided to recover the waived electricity bill from the people. During the flood, the government of Pakistan waived the electricity bill of the people.

The exchange rate remained under pressure as the US dollar continued its upward spiral against the local currency. The forex dealers have further shared that the greenback is being sold above Rs 189 in the open market.

The only other higher devaluation occurred post the fall of Dhaka when Pakistan's currency was devalued by 58% Ex economic adviser Dr Ashfaque Hassan Khan said that there was a complete breakdown of economic policymaking Experts say that the massive devaluation of currency fueled inflationary pressures

The Pakistani money in Swiss banks had fallen by over 20 percent in 2017 (to CHF 1,115 million) and by 6 percent in 2016. Before that in 2015, these funds had risen 16 percent.

Livestock is the only sector with a positive story. Every other major sector - industrial, manufacturing, agricultural and service - is faring far below the intended targets.

The Pakistani government has maintained there is no need to panic because an IMF bailout package, it says, will normalise the situation.

Asad Umar had been facing enormous heat - particularly from political rivals - at a time when the Pakistani economy is in absolute shambles.

For each American dollar, one can get 145 Pakistani rupees. Asad Umar, however, says he is against artificially maintaining the exchange rate.

The central bank runs what is widely seen as a managed float, though its official stance is that the currency is freely traded.

The central bank declined to say whether it had devalued the currency.