ISLAMABAD : Pakistan's rupee fell around 6 per cent against the U.S. dollar and its dollar-bonds slumped on Thursday as the country struggles to unlock critical funding from the International Monetary Fund.The rupee hit a record low of 284 per dollar, Eikon data showed, before it retraced some losses to t
ISLAMABAD : Pakistan's rupee fell around 6 per cent against the U.S. dollar and its dollar-bonds slumped on Thursday as the country struggles to unlock critical funding from the International Monetary Fund.
"A delay in IMF funding is creating uncertainty in the currency market," Mohammed Sohail of Topline Securities, a Karachi-based brokerage house, said. A move to a market-based currency exchange rate regime is among the actions the IMF wants Pakistan to complete to clear its ninth review. Pakistan has already taken most of the other prior actions, which included hikes in fuel and energy tariffs, the withdrawal of subsidies in export and power sectors, and generating more revenues through new taxation in a supplementary budget.
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