News > Cash-strapped Pakistan's rupee plunges amid talks with IMF

Cash-strapped Pakistan's rupee plunges amid talks with IMF

Cash-strapped Pakistan’s currency plunged against the dollar after the government indicated it was ready to comply with tough conditions set by the International Monetary Fund for the next tranche of its bailout package. Pakistan is seeking a crucial instalment of $1.1 billion from the fund, part of its $6 billion bailout package, to avoid default. The rupee closed at 230 to the dollar on Wednesday. It slipped further, trading at 255 for $1 within hours of the market reopening Thursday.