The Pakistani rupee plunged beyond Rs209 against the US dollar for the first time in the inter-bank market in the early hours on Friday, reports the Express Tribune.
The greenback was available at a record low level of Rs209.19 against the USD, a currency dealer reported at 10:16 am.
It had closed at Rs207.67 on Thursday.
Cumulatively, the rupee has dived 33% (or Rs51) in the past one-year to date compared to Rs157.54 on June 30, 2021, according to the central bank data.
The latest drop in the currrency is recorded after the country's foreign exchange reserves slipped to a 34-month low at $9 billion, strongly hitting the worsening balance of international payment crisis.
Pakistan has sought US help to revive the International Monetary Fund (IMF) loan programme which has remained stalled for the past one-year.
"The inter-bank market is yet not confident that the IMF would revive its ($6 billion) loan programme for Pakistan," said Syed Atif Zafar, CEO of a financial research firm, Uraan, while talking to The Express Tribune.
The uncertainty of the IMF programme has kept the foreign exchange inter-bank and stock markets jittery. "There is no clear-cut scenario and direction in the markets," he added.
The revival of the IMF programme is a must to manage the balance of international payment crisis.
On the other hand, the provincial government in Sindh ordered on Friday to close down all markets, shops, and shopping malls by 9pm, whereas marriage halls are to be closed by 10:30pm and hotels, restaurants, coffee shops and cafes by 11pm.
In a statement, the provincial government stated that the measures were being taken in light of Pakistan's energy crisis.
The crisis, it said, had prompted the Sindh government to invoke sections of the National Disaster Management Authority (NDMA) Act, 2010 and issue an order to reduce operational hours of shops and restaurants.
The notification issued stated that the energy shortfall in the country requires immediate control. "The urgent need to take the effective measures for the conservation of energy in Sindh though a two-pronged approach, i.e. to utilize the daylight hours for business activities and minimize the possible adverse impact of the business activities," read the notification.
However, the order to suspend business hours does not place limitations on pharmacies, hospitals, petrol stations, and bakeries.
