Pakistan: PKR falls to record low against US dollar as import restrictions ease

As a result of relaxations in import restrictions, the Pakistan rupee fell by Rs 1.88 against the US dollar, hitting record low on Tuesday.

In the interbank market, PKR closed at a record low of Rs 299 against the US dollar.

According to Pakistan's central bank data, relaxations in import restrictions has increased demand for the US dollar.

Pakistan imposed import restrictions from 2022 to stem outflows from its shrinking foreign reserves, Reuters reported.

The easing of restrictions was one of the conditions of IMF's bailout package for Pakistan. 

Pakistan began removing the restrictions in June as IMF's condition for a $3 billion loan programme.

The rupee fell 0.6 per cent to an intraday low of 299 against the dollar, Reuters reported quoting traders.

PKR slid to record low of 298.93 on May 11, two days after former Prime Minister Imran Khan's arrest in a corruption case.