Pakistani rupee records worst month ever on IMF loan concerns
Pakistan is scrambling to stave off fears it will follow Sri Lanka into a default this year
pakistan | Rupee | IMF
Last Updated Jul 30, 2022 00:35 IST
The Pakistani rupee had its worst month since 1989 amid a shortage of dollars and concerns over a delay in an International Monetary Fund (IMF) rescue package.
The currency fell more than 14% against the dollar in July, ending Friday trading at 239 for a greenback, the biggest monthly drop since Bloomberg began compiling data in 1989. It is also the worst drop in the world after the Ukrainian currency for the month.
Pakistan is scrambling to brush aside fears it will follow Sri Lanka into a default this year.
Army chief General Qamar Javed Bajwa has reached out to the United States for early disbursement of the nearly $1.2 billion IMF loan, state media reported on Friday. BLOOMBERG
First published: Saturday July 30, 2022. 00:35 IST