off-the-wire

UPDATE 1-Pakistani rupee hits all-time low vs dollar to meet IMF demands

Kitco Media
By Reuters
Published:
Updated:
Reuters
(Adds detail, background) KARACHI, Jan 30 (Reuters) - The Pakistani rupee on Monday hit an all-time low after dropping about 2.56% to 269.50 per dollar from its previous close in the inter-bank market, trading data showed. The rupee closed at 262.60 to a dollar in inter-bank trade on Friday, the central bank said.


The rupee has fallen to historic lows since an artificial cap on the currency was lifted last week to move it to a market-based exchange rate. That removed support previously provided by the country's currency exchange association.


Moving the rupee to a market-based exchange rate is one of several conditions set by the International Monetary Fund (IMF) to start talks over a ninth review of Pakistan's $7 billion bailout programme.


The IMF has announced its delegation are to arrive in Islamabad on January 31 for talks through February 9.
(Reporting by Ariba Shahid; writing by Sudipto Ganguly and Asif Shahzad; editing by Miral Fahmy and Jason Neely)

@Sudipto_Reuters;))
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