Pakistani Rupee Hits Record Low Against U.S. Dollar
The Pakistani rupee has plunged to a record low against the U.S. dollar amid a financial crisis.
The rupee traded at 143 to the dollar on November 30 as Pakistan struggled with chronic inflation and dwindling foreign-currency reserves.
The rupee has plunged about 15 percent since parliamentary elections in July and around 36 percent over the past year.
Pakistan secured $6 billion in funding from Saudi Arabia and struck a 12-month deal for a cash lifeline during Prime Minister Imran Khan's visit to Riyadh in October.
Despite the pledges, Pakistan is still negotiating with the International Monetary Fund (IMF) for a $6 billion bailout.
The IMF and World Bank forecasts suggest the Pakistani economy is likely to grow by 4 to 4.5 percent this fiscal year compared to 5.8 percent growth in the last fiscal year.
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