Breaking News
Countries with More Vaccinations Coming Out of Crisis Faster: IMF
...
Several Roads under CPEC in Their Final Phase: Pakistani Official
...
China’s Sinopharm Receives WHO Validation for Safety, Efficacy & Quality
...
Turkish Lira Plunges Sharply Against US Dollar
...
U.S. $1.9 Trillion Stimulus Package Could Heat Up Economic Expansion
...
Lebanese Producers Enter Chinese Market Through Online Giant JD.Com
...
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.
Related Articles
India-Pakistan border post opens for business
Historic checkpoint reopens to commercial traffic in bid to boost trade between antagonistic neighbours. For the first time since 2007,
UCA and Kyrgyz Government host national roundtable on “Local Self-Government in Kyrgyzstan” for Village District heads
Bishkek, Kyrgyz Republic, 19 December 2012 – The University of Central Asia, in collaboration with Government of the Kyrgyz Republic
Apple’s demand for higher damages from rival Samsung is denied
A US judge in California court rejected Apple’s demand for higher damages from South Korea’s Samsung. The court called on
