KARACHI: The Pakistani rupee is predicted to depreciate further against the dollar unless investors’ confidence is restored due to the country’s declining foreign exchange reserves and the International Monetary Fund’s (IMF) stringent programme requirements, according to analysts quoted in The News on Sunday.
The local currency dropped significantly this week, losing around 2.57% versus the dollar, from 269.63 to a record low of 276.58.
Pakistan is in talks with the IMF mission to resume a $6.5 billion loan programme that has been suspended for months as the cash-strapped economy falls deeper into a financial catastrophe. Both sides are debating the actions Pakistan must take to complete the 9th review of its Extended Fund Facility.
