Pakistan Devalues Its Currency for Third Time Since December
- Rupee falls 3.7% to 119.84 to a dollar, central bank says
- Pakistan wants to show IMF it is doing its ‘homework’: Topline
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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. The rupee is Asia’s worst-performing currency this year, data compiled by Bloomberg show.