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Rupee Said to Be Devalued as Pakistan Turns to IMF For Bailout

  • Nation’s currency is rigid and overvalued: IMF chief economist
  • Pakistan’s rupee is the worst performer in Asia since December

Pakistan’s rupee fell against the dollar in what looks like a fifth devaluation since December after the nation decided to approach the International Monetary Fund for a bailout to stabilize the economy.

The rupee fell between 130 and 136 a dollar in Tuesday’s trading compared with yesterday’s close of 124.27, according to four people familiar with the matter, who asked not to be identified because they aren’t authorized to speak publicly. The currency is Asia’s worst performer since December, according to a basket of currencies compiled by Bloomberg.