KARACHI, Pakistan (Reuters) -The Pakistani rupee fell 9.6% against the dollar on Thursday, central bank data showed - the biggest one-day drop in over two decades - in a slump that may persuade the International Monetary Fund to resume lending to the country. The drop comes a day after foreign exchange companies removed a cap on the exchange rate, a key demand of the IMF as part of a programme of economic reforms it has agreed on with the cash-strapped South Asian nation. The currency's official value closed at 255.4 rupees against the dollar versus 230.9 on Wednesday, the central bank said.
The Indian rupee rose against the U.S. currency on Wednesday, helped by likely dollar inflows and gains in most major Asian peers. The rupee last traded at 81.59 per U.S. dollar, compared with 81.72 in the previous session. It was a choppy session, with the local currency trading in a range of 81.50 to 81.76.
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