On May 16, the US dollar reached an all-time high versus the Pakistani rupee in the interbank market, reaching Rs193.09. According to experts, the rupee is under pressure due to higher oil import expenses and anticipation regarding the Saudi package. Foreign reserves were also under pressure because of delays in negotiations with the International Monetary Fund. Higher inflows from remittances and increased export proceeds during the current fiscal year boosted the currency rate, but it did not prevent the rupee from depreciating on a daily basis.
It had fallen in the early aftermath of the April 11 change of administration, but the adjustment quickly peaked, and the dollar is now flying again, reaching a new all-time high.
