Pakistan rupee falls all-time low, struggles to unlock IMF funding

The Pakistani rupee sank to Rs 287.29 against the US dollar, a record low on Tuesday as the cash-starved country struggles to unlock critical International Monetary Fund (IMF) funding while dwindling foreign exchange reserves become another source of concern for investors, a media report said.

The local unit, in the interbank market, closed at 287.29 against the US dollar, 0.78 per cent or Rs 2.25, down from Monday's close of 285.04, Geo News reported.

Last month, the rupee hit a record low, closing at Rs 285.09 per US dollar on March 2, the data released by the State Bank of Pakistan (SBP) showed.

According to financial experts, Financial importers have resumed the panic buying of US dollars, while the supply of foreign currency remained low in the interbank market.

Pakistan's loan programme is yet to materialise months after it raised taxes and energy prices and allowed the currency to depreciate to meet IMF's conditions. The nation has missed multiple deadlines to resume its ...