Pakistan’s rupee dropped to a record low on investor concern about the delay in the government reviving a $6 billion loan from the International Monetary Fund.
The South Asian nation has been in talks with the Washington-based lender to renegotiate the program with relaxations in some terms, including electricity and fuel price hikes. Finance Minister Shaukat Tarin had earlier said the IMF deal would be completed in the week ended November 5.
The rupee weakened 0.9 per cent to close at 175.73 a dollar Friday, according to State Bank of Pakistan data.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.