English | دری

Pakistani Currency Could Drop To 200 A Dollar By 2020

in International Business

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.


Tags assigned to this article:
Pakistani currency

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

No comments

Write a comment
No Comments Yet! You can be first to comment this post!

Write a Comment

Your e-mail address will not be published.
Required fields are marked*