Pakistan Says Rupee's Biggest Drop in Nine Years Is ‘Artificial’
- State Bank of Pakistan allowed rupee to devalue, analysts say
- Economy pressured by widening current-account, trade deficits
Barclays Bank Pakistan Chief Executive Officer Shazad Dada Interview And Bank Branch
Photographer: Asim Hafeez/BloombergThis article is for subscribers only.
Pakistan’s rupee plunged the most in nine years, prompting the government to say that it was concerned by the “artificial” weakness in the currency.
The rupee tumbled 3.1 percent to 108.095 per dollar at close of trading Wednesday, the lowest level since December 2013. Analysts including Karachi-based Topline Securities Ltd., BMA Capital Management Ltd. and BMI Research said the nation had devalued its currency.