Estimated read time: Less than a minute
This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.
ISLAMABAD (AP) — Pakistan's currency has reached a new all-time low against the dollar after the government last week reached a preliminary agreement with the IMF for $6 billion bailout.
The Pakistani rupee dropped to 147 rupees to the dollar on Thursday morning.
The rupee was traded at 141 to the dollar earlier this week, prompting government officials to meet with currency dealers to discuss how to stabilize the currency.
Last week, Pakistan in a preliminary agreement with the International Monetary Fund agreed to follow a market-determined exchange rate. Currently, Pakistan's central bank controls the currency exchange rates.
Pakistan is currently facing significant economic challenges, with declining foreign exchange reserves, diminishing growth and increasing trade deficit.
Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.