The Dollar rate in Pakistan broke all records as the USD to PKR rate hit a new high in the interbank market.
The USD to PKR or Dollar rate in Pakistan is now Rs 162 in the interbank market. However, it has seen a raise of Rs 5.2 during the trading.
The Pakistani Rupee significantly falling against the US Dollar after the agreement of IMF Loan to Pakistan worth $6 billion.
On the other side, the rupee’s official exchange rate is supported by the central bank under a de facto managed float system and many analysts consider the currency to be overvalued.
According to the State Bank of Pakistan, the central bank’s foreign exchange reserves as of May 3 stood at $8.984 billion, equivalent to less than three months of import payments.