Pakistani Rupee Devalues Close To Much Anticipated Rs200.

KARACHI:
The Pakistani rupee devalued close to the much anticipated Rs200 against the US dollar in inter-bank market. At around 3pm, it was trading at Rs199.61, dropped by Rs3.87 in a single day.

The latest depreciation comes amid the resumption of talks between the government and the International Monetary Fund (IMF) for the revival of the stalled multi-billion dollar loan programme.

The domestic currency has maintained the downturn on the ninth consecutive working day as it cumulatively lost 7.5 % or Rs13.92.

Importers have maintained panic buying of dollars on assumptions the IMF may not resume the loan programme after the government remained reluctant to fulfill its prerequisite conditions.

Finance minister Miftah Ismail said on Sunday that they would try to convince the IMF to soften their conditions.