![\"Cash-Strapped](\"https:\/\/c.ndtvimg.com\/2023-01\/e2dmocng_pakistan-rupee_625x300_26_January_23.jpg\"\/ "\\"Cash-Strapped")
<\/div>\nThe Pakistani rupee fell by Rs 24 and was trading at Rs 255 against the US dollar<\/p>\n<\/div>\n
New Delhi: <\/b><\/p>\n
Pakistan’s currency today has fallen to a record low of Rs 255 against the US dollar, according to local media reports. The tumble comes after the cash-strapped government<\/a> relaxed its grip on the exchange rate to win much-needed loans from the International Monetary Fund (IMF).<\/p>\n Pakistan’s money exchange companies removed the limit on the dollar-rupee rate from Wednesday, and said they will let the local currency drop slowly in the open market.<\/p>\n The Pakistani rupee fell by Rs 24 and was trading at Rs 255 against the US dollar at 1 pm, the Express Tribune reported. \u00a0<\/p>\n The IMF had asked the Pak government to end its control and let market forces determine the currency rate, a condition that was readily accepted. Pakistan has been looking to win the global body’s approval to get $6.5 billion in funding which is currently stalled.<\/p>\n While Pakistan won an IMF bailout last year, the release of funds has been stalled this year.<\/p>\n The low forex reserve in Pakistan has led to massive food inflation. In some parts of the country, a packet of flour is being sold for as high as Rs 3,000. Videos of people fighting for food and chasing food trucks are doing the rounds on social media.<\/p>\n The country has also plunged into darkness owing to frequent blackouts<\/a>.<\/p>\n “We haven’t been able to do anything. Everybody is sitting idle. We can’t operate any machines,” says Zafar Ali, who runs a workshop.<\/p>\n Pakistan’s central bank this week also raised interest rates to a 24-year high to fight surging prices.<\/p>\n <\/span><\/p>\nFeatured Video Of The Day<\/h3>\n