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Pakistan's rupee reaches new low against US dollar

18 اکتوبر 2021
The US dollar reached a historic high on Monday.  File photo
The US dollar reached a historic high on Monday. File photo

The US dollar rose against the Pakistani rupee, reaching a new historic high at Rs173 in the inter-bank market on Monday.

The Pakistani rupee shed an additional 82 paisas reported Aaj TV.

Many have expressed serious concerns at the rise especially after Prime Minister Imran Khan said on Friday that he expected the pressure on Pakistan's currency to end soon.

Analysts say Pakistan's current account deficit and IMF's demand for further devaluation of the rupee has led to this situation.

Analysts expected the resumption of the IMF's $6 billion loan programme would stabilize the rupee value but that has not happened because the two sides have yet to reach a middle ground.

Social media users took to Twitter to share their concerns about the rising prices of all goods. This follows the recent outrage over the hike in petrol prices.

One user on Monday poked fun at PTI supporters who go to lengths to justify the government's economic decisions which have proven very unpopular.

Others weighed in on the current impasse with IMF.

And others chose the opportunity to remind people that at least the PM is handsome -- a refrain that often comes up to poke fun at PTI supporters who use this as a last resort.