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Pakistan Rupee Falls Sharply Against US Dollar After Bad News from IMF The Pakistani Rupee (PKR) reversed its momentum against the US Dollar (USD) and reported losses in the interbank market today. The local currency lost 42 paisas against the greenback at the close of the session today. It depreciated by 0.23 percent against the USD and closed at Rs. 185.87 today after gaining 17 paisas and closing at Rs. 185.45 in the interbank market on Wednesday, 27 April. The domestic currency hit an intra-day high of Rs. 185.05 against the USD during today’s open market session.The rupee reversed gains against the dollar today after the International Monetary Fund (IMF) downgraded its growth rate forecast for Pakistan. According to the lender’s latest report “Regional Economic Outlook Middle East and Central Asia, divergent recoveries in turbulent times”, Pakistan’s GDP growth is projected to moderate from 5.6 percent in 2021 to 4 percent in 2022, and 4.2 percent in 2023. Moreover, the IMF has pr...
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