Rupee slumps to record low of Rs144 against US dollar

The Pakistani rupee hit an all-time low on Friday against US Dollar as it saw a further devaluation of Rs10, reaching Rs144 in the interbank market.

The US Dollar was being traded at Rs134 on Thursday when the market closed. The market opened on Friday with a whooping increase in the rates, reaching Rs144. The latest devaluation of rupee has happened amid the current ongoing dialogues between the government and the International Monetary Fund (IMF).

As the government seeks a bailout package from US-based lender, going on an IMF programme might allow the rupee to depreciate further, as economists believe that the rupee-dollar market parity may go as high as 150 rupees to the dollar. Unfortunately, the options for the government are limited and the need for an IMF programme cannot be ruled out.

As per data compiled by Bloomberg, the Pakistani currency is the worst performer in Asia since December.