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Pakistani rupee drops to record low against US dollar amid IMF talks

KARACHI – The Pakistani rupee continued to lose ground against the US dollar on Thursday as it plunged to a historic low in the interbank market as government is holding talks with the International Monetary Fund (IMF) to revive the loan programme amid depleting foreign exchange reserves.

The local currency shed Rs2.53 percent, taking the new value of the dollar to Rs271.36 as compared to the previous day’s Rs268.83.

This is the second consecutive day the rupee shed its value since Jan 31 when it snapped its losing streak and appreciated by 0.65% to reach Rs267.89 against the dollar.

Last week, the local currency dropped by Rs24.54 in the interbank market – the largest single-day depreciation in more than two decades after the government allowed free floating of the currency exchange rates.

The country of over 220 million is facing a worst economic crisis with the forex reserved held by the country’s central bank remaining at critical $3.68 billion which were not enough to cover a month’s import.

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