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  • Pakistan rupee plunges in de facto devaluation as IMF talks loom
    Reuterslast month

    Pakistan rupee plunges in de facto devaluation as IMF talks loom

    The Pakistani rupee plunged about 7 percent on Tuesday in an apparent central bank devaluation, while the stock market snapped a six-day skid after the government said it plans to seek a bailout from the International Monetary Fund (IMF). The country's fifth devaluation since December, taking rupee losses to about 26 percent, had been expected and seen as a prerequisite for another IMF rescue package. In 2013, the IMF lent Islamabad $6.7 billion.

  • Reuters5 months ago

    Pakistan's new rupee devaluation shows economic risk before election

    KARACHI/ISLAMABAD (Reuters) - The Pakistani rupee slumped 3.8 percent against the dollar on Monday before slightly recovering in what appeared to be the third currency devaluation in seven months by the central bank amid fears of a balance of payments crisis. Ashfaque Hasan Khan, an economist with the National Institute of Science and Technology, said the interim government that now holds the reins during the election campaign might itself be forced to go to the IMF.

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