Pakistani rupee plummets to all-time low against US dollar at 271.36

A dealer counts US dollars at a money exchange market in Karachi, Pakistan, on January 27, 2023. (AFP/File)
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Updated 02 February 2023
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Pakistani rupee plummets to all-time low against US dollar at 271.36

  • Pakistan's rupee declines by Rs2.53 or 0.93% against US dollar, according to central bank data
  • Pakistani rupee continues free fall after currency dealers removed cap on exchange rate last week

KARACHI: Pakistan's rupee continued its free fall against the US dollar on Thursday, with the greenback reaching an all-time high of Rs271.36, a week after Islamabad removed artificial controls from its exchange market to secure an International Monetary Fund (IMF) bailout package. 

After Pakistan's currency dealers announced removing the exchange rate cap last week, the rupee declined by a massive Rs25 or 9.6% in a single day. With a staggering $3.6 billion in reserves barely enough to cover import payments for a month, Islamabad has agreed to the IMF's tough conditionalities to revive a stalled $7 billion loan program it hopes would lead to more inflows from multilateral organizations and "friendly countries."

The IMF has been pushing Pakistan to remove artificial controls from its exchange market. Experts have warned the rapid weakening of the rupee would usher in an inflationary storm in the country. 

On Thursday, Pakistan's central bank shared data on Twitter according to which the rupee declined by Rs2.53 or 0.93%, with the greenback selling at Rs271.36 in the interbank market. 

 

 

 

"The Pakistani rupee witnessed pressure and closed at a record low against the U.S. dollar mainly due to less inflows of export proceeds," Zafar Sultan Paracha, general secretary of the Exchange Companies Association of Pakistan, said. 

"The country’s political and economic situation also continued to exert pressure on the rupee," he added. 

Earlier this week, international credit ratings agency, Finch Ratings, said Pakistan's rupee would further weaken and exacerbate inflation in the country.

Official data showed on Wednesday that Pakistan’s inflation rate surged to 27.6 percent, the highest in over four decades, on a year-on-year basis in January 2023. 

“In the near term, it [weakening rupee] could exacerbate imported inflationary pressure, and may eventually result in steeper policy rate hikes from the SOP,” Finch said. 


Opposition demands Imran Khan hospital transfer as government assures specialized examination

Updated 14 February 2026
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Opposition demands Imran Khan hospital transfer as government assures specialized examination

  • Khan’s family says he spoke to his sons for 20 minutes, calls for urgent treatment under personal doctors
  • Former health minister warns ex-PM’s vision loss could be ‘irreversible’ without immediate intervention

ISLAMABAD: Pakistan’s opposition protest entered its second day on Saturday as its leaders demanded that jailed former prime minister Imran Khan be shifted to a private hospital for urgent eye treatment, amid the government’s assurance that his examination would be conducted at a specialized medical institution.

A group of leaders belonging to Tehreek-e-Tahafuz-e-Ayeen-e-Pakistan — or the Movement to Protect the Constitution of Pakistan — gathered outside Parliament House a day after its members started a sit-in, as police maintained a heavy security presence around the building and nearby roads.

Salman Akram Raja, the secretary general of Khan’s Pakistan Tehreek-e-Insaf (PTI) party, called for the former premier’s early transfer for treatment at Islamabad’s Shifa International Hospital.

“We have been told that there is consent to take him to Shifa International,” he said in a video message. “If that is the case, there should be no delay. We are also being told that one member of Khan’s family will be allowed to accompany him.”

Raja said Khan’s treatment should come first, followed by his release.

“Restoration of the Constitution and rule of law in this country has now become inevitable,” he added.

Separately, Mustafa Nawaz Khokhar, another politician, told a news conference at the National Press Club that the opposition’s only demand was that Khan be granted full access to the required medical facilities.

“He has already lost vision in one eye,” he told the media.

“His treatment should take place in the presence of his family,” he continued. “Until this demand is met, we will not step back.”

Dr. Zafar Mirza, a former health minister under Khan’s administration who accompanied Khokhar, said Khan was suffering from central retinal vein occlusion, a serious eye condition that can lead to permanent vision loss if not treated promptly.

“If intervention is not carried out even now, it is possible that he may never be able to see from one eye again,” he said, warning that the extent of the damage remained unclear and could be irreversible.

Earlier in the day, Khan’s legal team filed a petition in the Islamabad High Court seeking suspension of his 17-year prison term in a graft case and his release on medical grounds, citing what they described as his deteriorating health.

Khan’s sister, Aleema Khan, said in a post on X that the former premier had spoken to his sons for about 20 minutes following a direction from the chief justice of Pakistan and that the family was now awaiting urgent treatment at Shifa International Hospital under the supervision of his personal doctors.

“We cannot and will not tolerate any further delay,” she said.

Information Minister Attaullah Tarar said in a social media post that Khan’s further examination and treatment would be conducted at a “specialized medical institution” and that a detailed report would be submitted to the Supreme Court.

“Conjecture, speculation and efforts to turn this into political rhetoric and mileage for vested interests may please be avoided,” he added.

The opposition protest followed a report submitted to the Supreme Court this month by amicus curiae Barrister Salman Safdar, who visited Khan at Rawalpindi’s Adiala jail and recommended that the seriousness of his ocular condition be independently assessed without delay.

Medical documents cited in the filing mentioned drastically reduced vision in Khan’s right eye, which led prison authorities to take him to a government hospital where he underwent an intravitreal injection.

Khan’s party said his family and legal team were not informed about the development, which was first mentioned in a local media report.

The PTI has blamed the government for negligence leading to damage to Khan’s vision, though the allegation has been denied by federal ministers who say that the case is being monitored by the country’s top court while promising “best possible treatment.”

Support for Khan also came from former Pakistani cricketers who played under his captaincy during Pakistan’s 1992 World Cup victory.

Ramiz Raja said on X that seeing Khan “suffer and lose sight in one eye is an emotional meltdown,” while Wasim Akram wished him “strength, a speedy recovery, and a full return to good health.”

Waqar Younis urged that politics be put aside and called for Khan’s timely treatment.

Khan, 73, has been in custody since August 2023 in connection with multiple cases that he and his party say are politically motivated, an allegation the government denies.