Pakistani rupee drops to record low amid talks with IMF

Published May 19, 2022 6:26 AM

ISLAMABAD (AP) — Pakistan’s currency has plummeted to an all-time record low in intraday trading against the U.S. dollar amid uncertainty about the success of crucial talks between the International Monetary Fund and the government of Prime Minister Shahbaz Sharif, which is considering massive new taxation to avoid a default. According to the central bank, the rupee on Thursday slid to 200 against the U.S. dollar in interbank trading. The latest development comes a day after Pakistan opened talks with IMF in Doha to revive the $6 billion bailout package, which has been on hold since April when Sharif ousted the ex-premier, Imran Khan and since then, the rupee has lost value against the U.S. dollar by 13 percent

Article Topic Follows: AP National Business

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