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A customer checks foreign currency rates displayed on a monitor at a money exchange market in Karachi on January 26, 2023. Credit: AFP Photo
The Pakistani rupee fell 2.7 per cent against the U.S. dollar on Friday to a record low after a steep slide on Thursday, with hopes raised by an International Monetary Fund team visiting Islamabad next week to discuss unlocking a suspended bail-out package.
The rupee closed at 262.6 per dollar in the interbank market against a close of 255 on Thursday - a 9.61 per cent drop, which was the biggest single-day dip, according to the central bank.
The rupee has been dropping to adjust to market based exchange rate after an artificial upper cap of the local currency was lifted.
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