Karachi (Web Desk): The Pakistani rupee on Friday witnessed a freefall for a plunging by a fresh 1.89% (or Rs5.22) to a new all-time low of Rs276.58 against the US dollar in the interbank market.
Meanwhile, the local currency closed at Rs283 in the open market.
On Thursday, the Pakistani rupee had closed at Rs271.35 against the greenback making it a downfall of Rs4.65.
The current slide comes as the government continues talks with an International Monetary Fund (IMF) delegation, which is currently in Islamabad to finalise the ninth review of its $7 billion loan programme to Pakistan. If the review is successful, it would pave the way for a $1.2 billion tranche for Pakistan.
Earlier today, Prime Minister Shehbaz Sharif on Friday said that the International Monetary Fund (IMF) delegation, which is visiting the country for discussions on the ninth review of a $7 billion loan programme, is giving Pakistan “a tough time” — as the lender wants the government to do more on the economic front.
“Our economic challenge at this moment is unimaginable. The conditions we have to fulfil for completing the IMF review are beyond imagination,” the premier said.
However, the country had no choice but to implement the conditions, he added.