KARACHI: The battered rupee has been the best performing currency in the world so far this month amid growing confidence that the stalled IMF bailout was almost at hand.The local unit gained 1.51.
Stocks hit a rout Monday as investors cashed out of their positions, playing safe, ahead of the central bank s monetary meting this week amid concerns over IMF loan programme holdup, traders.
KARACHI/ISLAMABAD: Stocks on Monday fell steeply, while the rupee hit a record low as markets panicked on reports that the budgetary measures are not enough to secure IMF bailout, renewing concerns.
Stocks hit a tailspin on Friday as the government’s action on fuel subsidies spurred concerns inflation was set to soar higher, alerting the central bank hawks to tighten the monetary policy,.
Stocks bolted higher on Monday on reports the government has won over their estranged allies, mustering much-needed support against no-trust vote, avoiding any political shocks for the economy for.