Friday during early deals, the Pakistan rupee fell to 80.51 against the US dollar. If the Pakistan currency weakens further, it may likely target the 80.6 level. At yesterday's close, the dollar-rupee pair was quoted at 80.01.
Yesterday, the World Bank agreed to provide US$500 million interest-free loan to Pakistan to help the country to address economic crisis. Pakistan has experienced severe external and internal shocks in the past year and is confronting a very difficult macroeconomic situation, the World Bank said in a statement.
The rise in international oil and food prices sharply inflated the country's import bill and the subsequent slowdown in the global economy dampened external demand for Pakistan's exports. On the internal side, political turmoil and uncertainties affected investor confidence which, together with macroeconomic imbalances, led to capital outflows.
For comments and feedback: contact email@example.com