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Rupee sinks against US$

KARACHI: Pakistani Rupee further plummeted on Friday (13th of May, 2022) and at the close of the current settled at Rs. 192.53. 

Rupee sinks against dollarSavants at the helm of affairs held that augmenting trade deficit, shrinking Forex reserves and uncertainty over the IMF’s tranche of $1 billion were the reasons behind dropping of rupee.

Commenting on the state of affairs Minister of Finance Miftah Ismail blamed the last government of signing a flawed agreement with IMF.

He said due to  the faulty agreement not only rupee weakened but the inflation made the lives of the masses miserable.

Miftah maintained that Pakistan could get out of this financial quagmire as soon as it gets out of the IMF clutches.

Contrary to IMF’s agreement PTI announced subsidy on petroleum products putting financial pressure on the national exchequer.

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M M Alam

M. M. Alam is a Pakistan-based working journalist since 1981. Karachi University faculty gold medalist Alam began his career four decades ago by writing for Dawn, Pakistan’s highest circulating English daily. He has worked for region’s leading publications, global aviation periodicals including Rotors (of USA) and vetted New York Times as permanent employee of daily Express Tribune. Alam regularly covers international aviation and defense-related events including Salon Du Bourget (France), Farnborough (United Kingdom), Dubai (UAE). Alam has reported thousands of events and interviewed hundreds of people in Pakistan, UAE, EU, UK and USA. Being Francophone Alam also coordinates with a number of French publications.