I slamabad: The Pakistani rupee has sunk to its lowest level against the dollar amid panic in the country’s fragile forex market.
The currency slid 0.9 per cent to 93.8350 per dollar, which is a record low, according to Malik Bostan, president of Forex Dealers Association.
However, State Bank of Pakistan denied it would have to return to the International Monetary Fund (IMF) for assistance.
In an interview published in The Wall Street Journal on Tuesday, bank governor Yaseen Anwar was quoted as saying the government’s failure to control the deficit could make it difficult to meet the more than $4 billion in IMF loans due in the fiscal year starting July 1.
In comments issued on Thursday, the State Bank ofPakistansaid the country faced no risk in being able to make next year’s IMF payments from its reserves.
“The decline in our projected reserves will be partially offset by an increase in remittances which will exceed $13 billion this fiscal year,” Anwar said.
“Additional foreign direct investment (is) in the pipeline that includes US company investments in the power sector,” he said.