Key Points
The Pakistani rupee sank to 287.29 against the US dollar, a record low on Tuesday as the cash-starved country struggles to unlock critical International Monetary Fund (IMF) funding while dwindling foreign exchange reserves become another source of concern for investors, a media report said..
The local unit, in the interbank market, closed at 287.29 against the US dollar, 0.78 per cent or 2.25, down from Mondays close of 285.04, Geo News reported..
Last month, the rupee hit a record low, closing at 285.09 per US dollar on March 2, the data released by the State Bank of Pakistan (SBP) showed..
It was topped up with another USD 1 billion last year to help the country following devastating floods, but the IMF then suspended disbursements in November due to Pakistan's failure to make more progress on fiscal consolidation..
The IMFs resident representative for Pakistan said the country has a few more tasks to complete to meet requirements for a USD 6.5 billion bailout..
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