Currency Rates in Pakistan Open Market Dollar Rate - FOREX.pk
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pakistan rupee: Pakistan devalues its currency for third time since December
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By Faseeh Mangi Pakistan's central bank devalued the rupee for a third time since December amid a worsening economy and speculation the country will need support from the International Monetary Fund. The managed currency dropped 3.7 percent to close at 119.84 per dollar on Monday, State Bank of Pakistan said in emailed statement. "You want to give a signal to the IMF that Pakistan is doing its homework'' ahead of a possible loan program, said Mohammed Sohail, chief executive officer at Topline Securities Pakistan Ltd. in Karachi. There's"pressure on emerging-market currencies including Turkey, Indonesia and India, so you have to adjust yours as well. State Bank of Pakistan expects the devaluation, interest rate increase and other measures "to contain the imbalances in the external account. The global chief economist at Renaissance Capital, said the devaluation, which he predicted earlier this year, makes Pakistan the " most competitive currency in South Asia." The decision should support the country's export growth, he said. Analysts say Pakistan's economic growth will slow in 2018 for the first time in six years.
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04-07 02:44 - 'Pakistan's forex reserves slump 12% in just weeks amid coronavirus outbreak; As on March 27, forex reserves totalled $11.2 billion, down from $12.8 billion as on March 6' (reuters.com) by /u/ShotHearing removed from /r/worldnews within 577-587min
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