Pakistan's rupee falls to record low after delay in IMF deal

Islamabad: Pakistan's rupee dropped to a record low on investor concern about the delay in the government reviving a $6 billion loan from the International Monetary Fund.

The South Asian nation has been in talks with the Washington-based lender to renegotiate the program with relaxations in some terms, including electricity and fuel price hikes. Finance Minister Shaukat Tarin had earlier said the IMF deal would be completed in the week ended November 5.

The rupee weakened 0.9 per cent to close at 175.73 a dollar Friday, according to State Bank of Pakistan data. The currency had been briefly buoyed after Saudi Arabia last month pledged to provide $3 billion deposits at 3.2 per cent for a year.