Pakistan's currency fell to a record low against the dollar, a day after money exchangers lifted a cap on the dollar-rupee rate.
The rupee slid as low as 242.25 to the dollar, surpassing the previous all-time trough of 240.375 in July, according to data compiled by Bloomberg. Owais-ul-Haq, a trader from Arif Habib Ltd.'s foreign exchange desk, said that Pakistan's currency touched 250 a dollar.
The international Monetary Fund is under increasing pressure to allow market forces to play a greater role in setting exchange rates. In Pakistan's case, a more market-determined currency may help it get further aid from the multinational lender whose disbursement of loans to the nation has seen multiple delays.
Pakistani money exchange companies removed the dollar-rupee rate from Wednesday and said they will let the local currency drop slowly in the open market. The dollar is selling for about 10% more than advertised, which has dried up the supply of dollars among onshore money-changing businesses.
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