Pakistani rupee drops to record low amid hopes for IMF fundsThe rupee has been dropping to adjust to market based exchange rate after an artificial upper cap of the local currency was lifted
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A customer checks foreign currency rates displayed on a monitor at a money exchange market in Karachi on January 26, 2023. Credit: AFP Photo
The Pakistani rupee fell 2.7 per cent against the U.S. dollar on Friday to a record low after a steep slide on Thursday, with hopes raised by an International Monetary Fund team visiting Islamabad next week to discuss unlocking a suspended bail-out package.
The rupee closed at 262.6 per dollar in the interbank market against a close of 255 on Thursday - a 9.61 per cent drop, which was the biggest single-day dip, according to the central bank.
The rupee has been dropping to adjust to market based exchange rate after an artificial upper cap of the local currency was lifted.