Pakistan Rupee records 20-year low amid economic disaster

Pakistan is facing major economic crisis its rupee slips over two decades on January 27 after the government relaxed its grip on the currency to secure loans from the International Monetary Fund.

Today, at At 14:05 IST, the Pakistani unit was trading at Rs 259.7 in comparison to the previous close, and a record low, of Rs 255.43 in the interbank market.

The central bank this week increased interest rates to a 24-year high to fight the highest inflation in decades. Pakistan secured a $6.5 billion IMF bailout in 2019, but the release of funds has reportedly been stalled.

As reported the Exchange Companies Association of Pakistan has informed the central bank of its decision to remove the limit, President Malik Bostan said in a phone. The group had earlier voluntarily decided to cap the dollar-rupee rate to help ease pressure on the currency.