Devaluation Drags Pakistan Rupee to Bottom of Currencies
- Central bank abandons grip on managed-float operated currency
- Pakistan’s external deficits are widening, reserves declining
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Pakistan’s rupee weakened to a record low after the central bank continued to ease its grip on the currency amid mounting economic pressure and speculation that the country may need International Monetary Fund support.
The rupee was unchanged at 109.5 per dollar at 1:27 p.m. in Karachi, after three days of losses, data compiled by Bloomberg show. The currency has been the worst performer globally since Friday, when the State Bank of Pakistan allowed the rupee to decline.