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

Pakistan is seeking a crucial instalment of $1.1bn from the fund – part of its $6bn bailout package – to avoid default.

Cash-strapped Pakistan’s currency has plunged against the dollar after the government indicated it is ready to comply with tough conditions set by the International Monetary Fund (IMF) for the next tranche of its bailout package.

Pakistan is seeking a crucial instalment of $1.1bn from the fund – part of its $6bn bailout package – to avoid default.