Karachi: The Pakistani rupee sank to an all-time low against the US dollar on Monday over forex reserve fears as the country repayed $146 million to the International Monetary Fund.
The rupee fell to 100.1 to the greenback in trading in Karachi, down from 99.30 on the open market Friday, and has now lost 39 per cent of its value against the US currency since March 2008.
Pakistan had a $10.7 billion IMF loan until September, but had drawn only about a third of it. The government has indicated it would not seek a new loan.
Pakistan repaid $145.79 million to the IMF on Monday and is scheduled to repay another $375 million on February 26, according to Syed Wasimuddin, spokesman for the country’s central State Bank.
So far Pakistan has repaid $2.57 billion, $1.5 million this fiscal year, ending June 30, according to the central bank.
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