KARACHI: The Pakistani rupee hit a new all-time low at Rs287.85 against the US dollar on Wednesday in the interbank market amid delays in the revival of the International Monetary Fund (IMF) loan programme.
According to the State Bank of Pakistan (SBP) report, the local unit slumped 0.19% (Rs0.56) against the greenback to close at Rs287.85.
A day earlier, the rupee had closed at Rs287.29 per US dollar. In the open market, the greenback was trading at over Rs291.
Experts say the decline in the value of the rupee can be attributed to economic challenges, political uncertainty, and depleting foreign exchange reserves.
The staff-level agreement between the International Monetary Funds (IMF) and Pakistan was scheduled to take place on February 9.
The government sources have reported key development in US dollar three billion financing demand made by the IMF from Pakistan for bailout package.
The Kingdom of Saudi Arabia has given green signal for dollar two billion funding, the finance ministry sources said.
Minister of Finance before his US visit on April 10, will also contact the UAE leadership, sources said.
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