|Day's Range||0.006 - 0.006|
|52 Week Range||0.0061 - 0.0083|
Dealers linked the currency weakness to Islamabad's ongoing talks with the International Monetary Fund (IMF), but the finance ministry rejected those claims and new Prime Minister Imran Khan urged the nation not to panic. "There is nothing to worry about," said Khan, adding that further rupee weakness is unlikely. The rupee has lost more than a quarter of its value against the dollar since the first devaluation in 2017, as officials weaken the currency to tame a ballooning current deficit that threatens to trigger a balance of payments crisis.
The Pakistani rupee plunged about 7 percent on Tuesday in an apparent central bank devaluation, while the stock market snapped a six-day skid after the government said it plans to seek a bailout from the International Monetary Fund (IMF). The country's fifth devaluation since December, taking rupee losses to about 26 percent, had been expected and seen as a prerequisite for another IMF rescue package. In 2013, the IMF lent Islamabad $6.7 billion.