ISLAMABAD | Pakistan’s currency plunges again as country seeks IMF loan

30Nov - by Editor - 0 - In STL.News



ISLAMABAD— Pakistan’s currency has plunged further as the country is mired in a financial crisis and seeking an $8 billion bailout package from the International Monetary Fund.

The Pakistani rupee traded at 142 to the dollar on Friday, a decline from 133.90 rupees to $1 at close of business the previous day.

Analyst Mohammad Suhail says it’s a clear indication the government has no option but to accept IMF conditions for the bailout — the “bitter pill” required to tackle significant economic challenges such as high fiscal and current account deficits, and low growth and foreign exchange reserves.

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