| KARACHI:
The Pakistani rupee plunged 8.29% (or Rs24.07) to a new all-time low of Rs290.18 against the US dollar in the interbank market at around noon on Thursday.
The rupee continued its significant loss of value on the second consecutive day since the government reinstated the market-based exchange rate on the directive of the International Monetary Fund (IMF).
The currency hit a record low this morning as importers are panic buying dollars while exporters have reportedly withheld selling the greenback - waiting for a higher exchange rate. |
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