Pakistan Rupee Slumps To Record Low As IMF Bailout Urgency Grows

Pakistan’s currency tumbled to a record low as the crisis-stricken government relaxed its grip to win much-needed loans from the International Monetary Fund (IMF).

With $6.5 billion of IMF lending stalled and a debt default on the horizon, the decline in the currency indicates PM Shehbaz Sharif’s resolve in winning approval for the much-needed funds. The central bank this week also raised interest rates to a 24-year high to fight surging prices.  

The Pakistani rupee fell by Rs 24 and was trading at Rs 255 against the US.

The IMF had asked the Pak government to end its control and let market forces determine the currency rate, a condition that was readily accepted.