Pakistani rupee dives to 240 per US dollar

The Pakistani rupee continued its free fall and dropped to a record low against the US Dollar amid political crisis. The latest reports said that greenback was being traded around Rs239.5 in interbank after appreciating by Rs3.48 compared to previous close of Rs236.02. Moody’s Investors Service and Fitch Ratings, however, said that they expected Pakistan to secure the $1.2b bailout from the International Monetary Fund (IMF), which may help ease pressure on the country’s Currency and forex reserves. “We assume IMF board approval of Pakistan’s new staff-level agreement” with the lender, said Krisjanis Krustins, a Hong Kong-based director at Fitch told Bloomberg. “This will unlock significant additional financing from the IMF and other multilateral and bilateral sources and may well provide a significant confidence boost to the markets.” The economic experts believed that the downfall of Pakistani rupee against the US dollar is owing to the political uncertainty in the country. Political uncertainty dragged the local unit to historic low against the foreign currency.