The rupee’s freefall continued on Friday as the local currency fell by Rs5.22 or depreciated by 1.89% against the dollar in the inter-bank market.

“The rupee closed at Rs276.58 on Friday,” the State Bank of Pakistan said in a tweet.

The local currency plummeted to an all-time low amid the country’s ongoing talks with the International Monetary Fund (IMF) for the revival of the stalled loan programme. The global lender’s delegation, which arrived here on January 31, is in Islamabad to finalise the ninth review of its $7 billion loan programme to Pakistan.

If the review is successful, it would pave the way for a $1.2 billion tranche for Pakistan. Prime Minister Shehbaz Sharif said earlier in the day that the global lender was giving the country a “tough time” over unlocking stalled funding from the bailout, at a time of “unimaginable” economic crisis.

“Our economic situation is unimaginable. “As you know, the IMF mission is in Pakistan, and that’s giving us a tough time,” he said in a meeting of civil and military leaders in Peshawar.

The IMF mission is visiting Pakistan to discuss fiscal consolidation measures the institution needs from Pakistan to clear a 9th review of its Extended Fund Facility, aimed at helping countries facing balance-of-payments crises.

SBP reserves at present stand at $3.09 billion, the lowest since 1998 and not enough to cover the cost of three weeks of imports.

Former spokesperson of the finance ministry Muzammil Aslam was of the view that the status of Pakistan’s reserves and the prime minister’s comment about the ongoing talks with the IMF contributed to the rupee’s fall. Moreover, he also blamed the current political and economic instability in the country.

He prayed that the talks with the IMF becomes successful, however, stressed that the onus was on the government that is “trembling” apparently to take decisions.