KARACHI (Reuters) – The Pakistani rupee on Monday hit an all-time low after dropping about 2.56% to 269.50 per dollar from its previous close in the inter-bank market, trading data showed.
The rupee closed at 262.60 to a dollar in inter-bank trade on Friday, the central bank said.
The rupee has fallen to historic lows since an artificial cap on the currency was lifted last week to move it to a market-based exchange rate.
That removed support previously provided by the country’s currency exchange association.
Moving the rupee to a market-based exchange rate is one of several conditions set by the International Monetary Fund (IMF) to start talks over a ninth review of Pakistan’s $7 billion bailout programme.
The IMF has announced its delegation are to arrive in Islamabad on January 31 for talks through February 9.
(Reporting by Ariba Shahid; writing by Sudipto Ganguly and Asif Shahzad; editing by Miral Fahmy and Jason Neely)
