Pak rupee slides to Rs229 against dollar

The Pakistani rupee further depreciated on Thursday as the US dollar rose above Rs229.98 in the inter-bank market, setting a new record, reports The Express Tribune.
As economic challenges for the country increased, the dollar's meteoric rise continued as commercial banks reportedly resumed lines of credit for oil imports at high costs.
The fresh high of the USD comes in response to the rising demand for the foreign currency, despite a lack of supply in the interbank market.
Explaining the factors behind the significant depreciation of the rupee, the State Bank of Pakistan (SBP) has stated that the current account situation, under the dynamic market-based exchange rate system, corresponds to news of internal uncertainty. This combination has led to fluctuations in the value of the rupee on a daily basis.
The central bank also said the dollar's appreciation is also a result of an aggressive interest rate policy adopted by the United States Federal Reserve to control internal inflation.
Prime Minister Shehbaz Sharif sought an urgent board meeting of the International Monetary Fund (IMF) on Wednesday to approve Pakistan's request for a bailout package, as the rupee was beaten for the third day in a row due to high political volatility and a pause in major foreign loans inflows.