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Pakistani Rupee Hits Record Low Against U.S. Dollar

FILE: Passersby walk past an advertisement board with photos of Pakistani rupee at a money exchange along a sidewalk in Karachi, Pakistan (June 2018).

The Pakistani rupee has plunged to a record low against the U.S. dollar amid a financial crisis.

The rupee traded at 143 to the dollar on November 30 as Pakistan struggled with chronic inflation and dwindling foreign-currency reserves.

The rupee has plunged about 15 percent since parliamentary elections in July and around 36 percent over the past year.

Pakistan secured $6 billion in funding from Saudi Arabia and struck a 12-month deal for a cash lifeline during Prime Minister Imran Khan's visit to Riyadh in October.

Despite the pledges, Pakistan is still negotiating with the International Monetary Fund (IMF) for a $6 billion bailout.

The IMF and World Bank forecasts suggest the Pakistani economy is likely to grow by 4 to 4.5 percent this fiscal year compared to 5.8 percent growth in the last fiscal year.

Based on reporting by AFP and AP

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