Says banks’ high exposure links their credit profile to that of the government

Move to help stabilise forex reserves, avert imminent default on external debt

Pakistani currency gained value after the SBP announced an increase in foreign exchange reserves

Hits all-time low at Rs285.09 in inter-bank, matching black-market rate

Key policy rate up by 300bps to 20% as Pakistan clambers to meet IMF conditions

The rupee has fallen by Rs28.68 over the last two days

Depreciated to Rs285/$ in Pakistan’s black market, Rs295/$ in Afghanistan

IMF expresses concern regarding govt control over rupee's value in interbank market

Cuts rating to Caa3, says disbursements may not be secured in time

The global rating agency, however, ‘changes Pakistan's outlook to stable from negative’