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

ISLAMABAD (AP) — Cash-strapped Pakistan’s currency has plunged against the dollar after the government indicated it was ready to comply with tough conditions set by the International Monetary Fund. Pakistan is seeking a crucial installment of a $1.1 billion loan 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 on Thursday. The government did not immediately comment. Analyst Ahsan Rasool says the rupee’s decline is a sign that Pakistan was close to securing the much-needed loan from the IMF.