Pakistan rupee posts worst month ever amid concern on IMF loan

Pakistan’s rupee had its worst month since 1989 amid a dollar shortage and concerns over a delay in an International Monetary Fund (IMF) bailout program.

The currency fell more than 14 per cent against the dollar in July, ending Friday’s trading at 239 per greenback, the biggest monthly slide since Bloomberg started compiling data in 1989. It’s also the worst decline globally after Ukraine’s currency for the month. 

Pakistan is striving to stave off fears it will follow Sri Lanka into a default this year.

Army chief General Qamar Javed Bajwa has reached out to the US for the early disbursal of the nearly $1.2 billion loan from the IMF, the official media reported on Friday. BLOOMBERG