Pakistan rupee ends at record closing low of 305.5 per dollar

A dealer counts US dollars at a money exchange market in Karachi on March 2, 2023. (AFP/File)
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Updated 31 August 2023
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Pakistan rupee ends at record closing low of 305.5 per dollar

  • Rupee lost 0.4 percent as Pakistan eased import restrictions to abide International Monetary Fund conditions
  • Since induction of a caretaker administration in Pakistan ahead of elections, the rupee has shed 4.6 percent

KARACHI: Pakistan’s rupee fell to an eighth consecutive record closing low on Thursday, dropping to 305.5 per US dollar, central bank data showed.

The rupee lost 0.4 percent as Pakistan eased import restrictions to abide by conditions set under a $3 billion bailout package from the International Monetary Fund (IMF) and on political instability.

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

A caretaker administration is currently governing Pakistan, tasked with steering the country through to a national election that is due to take place by November. It is also grappling with acute political tension, as well as historically high inflation and interest rates.

Since the induction of the caretaker administration the rupee has shed 4.6 percent. Through August, the rupee lost 6.2 percent.

At least one review under the $3 billion IMF Standby Agreement (SBA) will be with the caretaker government.

Pakistan’s sovereign dollar bonds slid on Thursday amid a broader emerging market debt rout. The 2031 maturity fell the most, by 2.5 cents, but several were down by 2 cents or more, according to Tradeweb data.


Over 200 security forces personnel killed in Balochistan militant attacks in 2025— chief minister

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Over 200 security forces personnel killed in Balochistan militant attacks in 2025— chief minister

  • Pakistani security forces launched thousands of operations, killed 760 militants, says Sarfraz Bugti
  • Pakistan’s military media wing says 12 “Indian-sponsored militants” killed in Balochistan’s Kalat district

ISLAMABAD: Over 200 security forces personnel were killed in several militant attacks in Pakistan’s southwestern Balochistan province this year, Chief Minister Sarfraz Bugti said on Sunday. 

Balochistan, Pakistan’s largest province by since yet its most backward by almost all social and economic indicators, has suffered from a bloody separatist insurgency for decades launched by ethnic Baloch militant groups. The most prominent among them is the Balochistan Liberation Army.

These militant outfits accuse the military and federal government of denying the local Baloch population a share in the province’s mineral wealth, charges Islamabad denies. 

“We have lost [in one year] 205 security forces personnel, including paramilitary, uniformed, police, levies, and along with that, there are six officers,” Bugti told reporters during a press conference. 

The chief minister said Balochistan had witnessed 900 militant attacks throughout the year, adding that the number of civilian casualties was recorded at 280. 

Bugti said security forces had also launched thousands of intelligence-based operations in 2025 against militants. 

“Out of those, the terrorists who have been killed so far, that is 760,” he said. 

TWELVE MILITANTS KILLED IN KALAT 

Separately, the Pakistani military’s media wing said on Sunday that security forces had killed 12 “Indian-sponsored militants” in Balochistan’s Kalat district on Dec. 6. 

It said the militants belonged to Indian proxy “Fitna al Hindustan,” a term the military uses frequently to describe ethnic Baloch militant groups who demand independence from Pakistan. Islamabad accuses New Delhi of arming and funding these separatist groups, charges India has always denied.

“Weapons, ammunition and explosives were also recovered from the terrorists, who remained actively involved in numerous terrorist activities in the area,” the ISPR said. 

Balochistan, which borders Afghanistan, has seen a surge in militant attacks in recent months. Pakistan’s military said on Saturday that security forces had killed five militants in the Dera Bugti area of the province.