Economics

Pakistan Premier Abbasi Says ‘No Plan' to Further Weaken Rupee

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Pakistani rupee coins sit on a roadside money changer's table in Karachi, Pakistan, on Thursday, Dec. 14, 2017. 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.Photographer: Asim Hafeez/Bloomberg

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By Ismail Dilawar, Kamran Haider, and Faseeh Mangi

December 15, 2017 at 2:40 AM EST

Updated on

December 15, 2017 at 4:46 AM EST

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Pakistan’s Prime Minister Shahid Khaqan Abbasi said his administration has “no plan” to weaken the rupee further after the central bank started devaluing the currency last week.

Since Dec. 8 the rupee has dropped 4.3 percent to 109.875 per dollar as the State Bank of Pakistan allowed the currency to fall. The retreat makes the rupee the biggest decliner globally in that period, according to data compiled by Bloomberg.

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