| KARACHI:
The Pakistani rupee hit a new all-time low at Rs288 against the US dollar on Tuesday in the interbank market amid delays in the revival of the International Monetary Fund (IMF) loan programme and the looming high risk of default on foreign debt repayment.
The currency slumped 1% (or Rs2.86) to Rs287.90 against the greenback at around 10:23 am today. A day earlier, the rupee had closed at Rs285.04 per US dollar.
Last month, the rupee had hit a record low, closing at Rs285.09 per US dollar on February 3, 2023.
Market talks suggest that importers have resumed the panic buying of US dollars, while the supply of foreign currency remained low in the interbank market.
This situation is seen after the government said that Finance Minister Ishaq Dar would visit the United States on April 10-16 and make efforts to resume the IMF loan programme worth $6.5 billion. |
|
