The Pakistani rupee on Friday plunged to a historic low against the US dollar after Prime Minister Shehbaz Sharif said that the International Monetary Fund (IMF) is giving Pakistan "a tough time" - as the lender wants the government to do more on the economic front, local media reported.
"As we speak, an IMF delegation is in Islamabad [holding parleys on loan programme] and giving a very tough time to the finance minister and his team," the Prime Minister said while speaking at the apex committee meeting in Peshawar, as he termed the economic challenges "unimaginable", Geo News reported.
Following the PM's remarks, the local currency depreciated further against the greenback in the interbank market, the report said.
During intra-day trade, the Pak rupee was changing hands at 279 against the dollar at 12:48 p.m. (local time), according to the Exchange Companies Association of Pakistan (ECAP), up from Rs 271.35 a day earlier.
Analysts have stressed that the country needs the Washington-based lender's bailout programme to avoid default - a threat that has been looming over Islamabad for some months now.
AA Commodities Director Adnan Agar said that rupee's downward spiral is expected till Pakistan secures a staff-level agreement with the IMF.
The analyst said the market is reacting to reports coming on the demands being put forward by the IMF to the government, Geo News reported.
Agar warned that if the government fails to secure a staff-level agreement with the Fund, the rupee will incur further losses.
"If the IMF deal is done timely, it would appreciate but not that much," said Agar.
In a bid to curb the black market and meet the IMF demands, the government and exchange companies removed the dollar cap - imposed to stabilise the dollar's value, Geo News reported.
Assam veterinarians lauds execution of sex-sorted artificial insemination of cattle in Tripura
A 12-member delegation of veterinarians of Assam Sribhumi district has made their footfall in the state of Tripura for their 3-day visit and learns the execution of sex-sorted artificial insemination of cattle in the state.
Pradesh BJP to Launch 14 days campaign on Constitution Awareness
The ruling Bharatiya Janata Party (BJP) in Tripura is set to launch 14 day long campaign to celebrate the Constitution of India and raise awareness about its core values, as well as the pivotal role of Dr. B.R. Ambedkar in its formation.
Ex Minister alleges negligence at ILS hospital, THRC seeks serves notice seeking response
Tripura Human Right Commission (THRC) has served a notice to a private hospital in Agartala seeking their stand on an allegation made by former Minister Gopal Chandra Das.
TSF to observe January 8 as Black Day in memory of CAA firing tragedy
The Twipra Students' Federation (TSF), an indigenous student body and member of the North East Students’ Organisation (NESO), has announced plans to observe January 8 as Black Day in remembrance of the 2019 firing that claimed three lives during protests against the Citizenship Amendment Act (CAA).
Govt allocates additional Rs 3 Crore for post-flood recovery: CM
In a significant step to bolster post-flood recovery efforts, the Tripura government has sanctioned an additional Rs 13 crore from the Chief Minister’s Relief Fund.
US Congress to certify Trump winner of 2024 election
The US Congress on Monday will certify President-elect Donald Trump's victory in the November 2024 election, peacefully wrapping up a ritual his supporters had tried to prevent in 2021 in the misleading belief that he had been cheated of a win.
Enrolment of new women voters in Tripura higher than of men: Officials
Enrolment of new women voters in Tripura, at 2,166, has been more than that of new male voters, leading to an increase of the gender ratio to 993 in the final electoral rolls from 991 of the draft electoral rolls, officials said here on Monday.
CM Dr Manik Saha pitches for development of nursing system in hospitals and health institutions for better service
Chief Minister Dr Manik Saha on Monday attended the lamp lighting and oath taking ceremonial programme of the 2nd batch of the B.Sc Nursing students here at Agartala Government Nursing College and said that nurses play key role in rendering health services to the patients.