Pakistan’s rupee hit a record low against the US dollar on Tuesday, with the interbank market closing at 287.29 against the greenback. The figure is down 0.78% on Monday’s close of 285.04. The country has missed deadlines to receive IMF funding, with the lending institution asking Pakistan to secure new loans from Saudi Arabia and the United Arab Emirates before any bailout can be paid. Additionally, contracting forex reserves have caused investors to worry about the country’s economic state. The foreign exchange reserves held by Pakistan’s central bank have fallen to just $4.24bn.
