KARACHI:
Pakistani rupee on Tuesday made historical drop of Rs 4.00 in in one day and exceeded 204 rupees. against United States dollar for in first ever in inter-bank market.
It was available for sale at 204 rupees around 13:40 in in market on Tuesday, after closing at Rs 200.06. against U.S. dollar on Monday, according to the central bank.
It was the third working day in a row of free fall. of rupee.
Pakistani currency has faced renewed pressure after the inflow of foreign exchange from overseas Pakistanis through their Roshan Digital Account (RDA) have fallen to a 15-month low of $189 million. in May 2022
Data compiled by Ismail Iqbal Securities of the State Bank. of Reports from Pakistan (SBP) states that overseas Pakistanis’ investment in Naya Pakistan savings certificates through RDA fell to a 21-month low at $13 million. in May.
Read The rupee falls as rumors raise concerns
Inflow through RDA, which amounted to $290 million. in March, which was last month of PTI government – continued drop for in second month in a row in May.
Former prime minister Imran Khan, in cooperation with Central bank introduced RDA for overseas Pakistani in September 2020 in efforts to stabilize the country’s foreign exchange reserves.
Non-resident Pakistanis have so far deposited over $4 billion via RDA in in past 21 months
However, stocks are depleted over $7 billion in in past six-month to low criticality of six-week import coverage is currently $9.72 billion.
Pakistan is expected to resume a $6 billion loan program from the International Monetary Fund (IMF). in June after incumbent government presents the annual budget for in next fiscal year.
budget presentation scheduled for June 10th in National Assembly.
long delay in revival of IMF program continues to put pressure on rupee. The program stalled for in past year.
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