The Pakistan rupee (PKR) slides to an all-time low against the US dollar, settling at 272.84 today, on February 3, 2023.
Yesterday, the currency settled at 271.36, a decline of Rs2.53 or 0.93% against the US dollar, as per the State Bank of Pakistan (SBP).
The currency has depreciated by 24.51% during the ongoing fiscal year against the greenback.
Talks with IMF
Today's closing is the weakest level for the PKR amid tough talks between the International Monetary Fund (IMF) and Pakistan in Islamabad.
After experiencing a recovery toward the end of last month, the value of the PKR relative to the USD has started to decline once more.
Before seeing two sessions of appreciation, the PKR experienced three sessions of a 14.95% decline.
Exchange Companies Association of Pakistan
After the Exchange Companies Association of Pakistan (ECAP) decided to remove the price cap on the USD, the depreciation was sudden.
Furthermore, according to figures made public on Wednesday by the Pakistan Bureau of Statistics (PBS), Pakistan's headline inflation came in at 27.6% in January.
This is the biggest inflation reading since May 1975, when 27.8% was recorded.
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