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Pakistani Currency Could Drop To 200 A Dollar By 2020
Pakistani Currency Could Drop To 200 A Dollar By 2020
Pakistani currency continues to lose its value in the international market, dropping more than 5% in May and standing at 150 per dollar.
According to Bloomberg, the rupee hit its record-low 152.525 last week and stood among the worst performers globally in May together with currencies from Zambia and Haiti.
Speaking to Gulf News, economist Kaiser Bengali predicts Pakistani rupee to slide to 200 a dollar by year end, given the country’s large deficit and high debt ratio.
The rupee has now erased almost a third of its value in the past 12 months.
Pakistan’s central bank said the performance of the currency reflects demand and supply conditions in the foreign exchange market.
While the bank still intervenes, the currency is now more determined by market forces, according to foreign exchange dealers.
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