Breaking News
US Enacts $2 Trillion Relief Bill To Address Economic Crisis Caused by COVID-19 Pandemic
...
China Wins WTO’s Permission to Impose $3.6bn in Sanctions Against US
...
Iran To Build Railway in Chabahar Through Own Resources After Delays From India
...
US Federal ReserveTo Cut Interest Rates By a Quarter Point
...
Germany’s Economy Shrinks in April-June Period of 2019
...
Goldman Sachs CEO David Solomon Dismisses Fears of Economic Recession
...
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
Greece rejects bailout offer
Greece voters overwhelmingly rejected demands by international creditors for more austerity measures in exchange for a bailout of its bankrupt
Bank of England Going Easy on its Quantitative Easing Scheme
Bank of England has decided to hold off from taking any further Quantitative Easing (QE) measures and has kept interest
Toshiba Fined for Price-Fixing
Japanese electronics firm Toshiba has been fined USD 87million for colluding with other LCD makers in a bid to keep
