Pakistan Rupee Slumps Over 4% to Set New Record Low
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Pakistan’s rupee slumped more than 4% to set a new record low as authorities loosened their grip on the currency to help secure financing from the International Monetary Fund.
The rupee slid as much as 4.2% to a record 259.7148 per dollar, after a 7% drop on Thursday, according to data compiled by Bloomberg. A more market-determined currency is among the key demands for the IMF to resume its $6.5 billion bailout, which has been stalled for months.