The crisis-ridden Pakistani rupee sank to ? 287.29 against the US dollar, a record low on Tuesday as the cash-starved country struggles to unlock critical International Monetary Fund (IMF) funding while dwindling foreign exchange reserves become another source of concern for investors, a media report said. In the interbank market, the local unit closed at 287.29 against the US dollar, 0.78 percent or ? 2.25, down from Monday's close of 285.04, Pakistan's Geo News reported.
The rupee hit a record low last month, closing at ? 285.09 per US dollar on March 2, the data released by the State Bank of Pakistan (SBP) showed.
According to financial experts, Financial importers have resumed the panic buying of US dollars, while the supply of foreign currency remained low in the interbank market.
Pakistan's loan programme has yet to materialise months after it raised taxes and energy prices and allowed the currency to depreciate to meet the IMF's conditions. The nation has missed multiple deadlines to resume its bailout.
The cash-strapped nation secured a USD 6 billion IMF bailout in 2019. It was topped up with another USD 1 billion last year to help the country following devastating floods, but the IMF then suspended disbursements in November due to Pakistan's failure to make more progress on fiscal consolidation.