KARACHI: The Pakistani Rupee experienced a 1% drop, hitting an all-time low of Rs288 against the US dollar in the interbank market on Tuesday.
This has been attributed to the delay in the revival of the International Monetary Fund (IMF) loan programme and the looming risk of default on foreign debt repayment.
Last month, the currency had already hit a record low, closing at Rs285.09 per US dollar. Market talks suggest that importers have resumed panic buying of US dollars, while the supply of foreign currency remains low in the interbank market.
The government is making efforts to resume the IMF loan programme worth $6.5 billion, and Saudi Arabia has signaled a new bailout package for Pakistan, though the specifics of the package remain uncertain. Political and economic instability have reportedly led the IMF and friendly countries to stop aiding Pakistan.
(Islamabad51-Newsdesk)