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Pakistan's rupee drops to record low on reports IMF tranche talks failed

Last month, Fitch Ratings revised down its forecasts for the Pakistani rupee for both this year and next due to a variety of factors

Pakistan  | IMF | International Monetary Fund

Reuters  |  Karachi 

International Monetary Fund

Pakistan’s rupee hit a record low on Monday of 173.20 in intra-day trading against the dollar before closing at 172.78, below the previous close of 171.18, after reports of a failure of talks with the Monetary Fund, traders said.

The government's finance ministry on Monday dismissed reports by local media over the weekend that talks from October 4 to 15 for the release of a $1 billion loan tranche were inconclusive.

“Negotiations between and are moving forward positively. No timeframe was set at any stage for the conclusion of the talks,” the finance ministry said. In June, a similar round of talks between the two sides had failed.

Last month, Fitch Ratings revised down its forecasts for the Pakistani rupee for both this year and next due to a variety of factors, including an increased flow of US dollars into neighbouring Afghanistan.


(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Tue, October 19 2021. 02:52 IST