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Pakistan's currency plunges as it seeks IMF loan Pakistan's currency plunges as it seeks IMF loan

AP  |  Islamabad 

Pakistan's currency plunged by about 7 percent on Tuesday after the government said it would seek emergency loans from the

The Pakistani rupee briefly weakened to 138 to the dollar on Tuesday before settling at 133.6. The rupee was trading at 124.3 at close of business Monday, before the announcement was made.

A Pakistani delegation will meet with IMF officials in later this week. After a visit last week, the IMF said is facing significant economic challenges, with diminishing growth, high fiscal and current account deficits, and low foreign exchange reserves.

is also seeking fresh loans from China, which is already heavily invested in its transport and

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, October 09 2018. 22:05 IST