Rupee tumbles by nearly Rs19 against dollar in interbank amid IMF delays

The Pakistani rupee sank sharply by Rs18.74 against the dollar in the interbank market on Thursday, with the local currency trading at a historic high of Rs284.85 in morning trade, according to data shared by the Exchange Companies Association of Pakistan (Ecap). Analysts attributed the record drop — which is 7.04pc — to the government’s impasse with the International Monetary Fund (IMF). On Wednesday, the PKR closed Rs266.11 per dollar, according to SBP data. ‘Uncertainty due to delay in IMF funding’ Topline Securities chief executive Mohammed Sohail told Dawn.com that the fresh plunge was mainly because of uncertainty in the currency market regarding the delay in funding from the IMF. ‘Currency crackdowns only strengthened grey market’ Zafar Paracha, secretary general of the Exchange Companies Association of Pakistan (ECAP), explained to Dawn.com that the IMF had asked Pakistan to trade the dollar at the current Afghan trade rate.