Economics

Pakistan’s Rupee Has Worst Month Ever Amid IMF Loan Concern

Currency slides to record low in July during dollar shortage
Renewed political turmoil raises doubts on funding from IMF

Rupee banknotes in Karachi.
Photographer: Asim Hafeez/Bloomberg

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By Netty Idayu Ismail and Faseeh Mangi

July 29, 2022 at 1:32 PM UTC

Updated on

July 29, 2022 at 6:20 PM UTC

This article is for subscribers only.

Pakistan’s rupee had its worst month since 1989 amid a dollar shortage and concern over a delay in an International Monetary Fund bailout program.

The currency fell more than 14% against the dollar in July, ending Friday’s trading at 239 per greenback, the biggest monthly slide since Bloomberg started compiling data in 1989. It’s among the worst currency decliners globally for the month.