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Asia’s Worst Performing Currency Takes Another Hit

ni8mare

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Asia’s Worst Performing Currency Takes Another Hit
Faseeh Mangi Ismail Dilawar May 16 2019, 11:51 AM May 16 2019, 7:03 PM (Bloomberg) --

Pakistan’s rupee weakened to a record in an apparent devaluation, four days after the South Asian nation secured a bailout from the International Monetary Fund that investors speculate includes tough conditions to reform the economy.
The rupee dropped 3.6%, the most in more than five months, to 146.52 a dollar at close on Thursday, according to central bank data. The currency has plunged more than 20% in the past year, making it the worst performer in a basket of 13 currencies in Asia compiled by Bloomberg.

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The rupee level reflects demand and supply conditions in the foreign exchange market, Pakistan’s central bank spokesman Abid Qamar said in a statement Thursday, adding that it will help in “correcting market imbalances.” The nation had previously said the IMF had not sought to set a level for the currency.
“A market-determined exchange rate’’ will help the economy, the multilateral lender had said in a statement May 12. The nation’s central bank had devalued the currency five times last year and raised interest rates by 475 basis points as it sought to contain the financial blowouts from Pakistan’s twin current-account and budget deficits.
The rupee devaluation is “an IMF condition and they seem serious about it,” said Asad Sayeed, a director at the Karachi-based consultancy Collective for Social Science Research. “It’s an open market policy. It appears they have decided to adopt it.” Pakistan clinched the IMF loan after almost a six-month delay that prompted rating companies to downgrade the nation’s credit score earlier this year. In the process, Prime Minister Imran Khan fired key members of his economic team, including the finance minister and central bank governor, and pledged to carry out deep structural reforms.
Other than the rupee devaluation, “you now have no choice,” said Mushtaq Khan, former chief economist at Bank Alfalah Ltd., who now runs an independent consultancy.
The benchmark KSE-100 Index closed 0.9% lower, after falling as as much as 2.1% earlier in the day. “International investors are cautiously optimistic that, under the current economic leadership, this time could be different,” said Bilal Khan, senior economist at Standard Chartered Bank in Dubai. ©2019 Bloomberg L.P. Bloomberg

Read more at: https://www.bloombergquint.com/onweb/pakistan-s-rupee-weakens-stocks-drop-after-imf-bailout-package

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Windjammer

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Ahha, after the humiliation of 27th February causing all the Indians to go into their hidey holes, good to see that they are gradually gathering courage to return to their old habits. :lol:
 

Men in Green

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Ahha, after the humiliation of 27th February causing all the Indians to go into their hidey holes, good to see that they are gradually gathering courage to return to their old habits. :lol:

You are still stuck at 27th feb. while we are getting humiliated every day bcz of worst economy.
Why you keep bringing 27 on every thread? Isn't it off topic you moron.
I was given negative rating for off topic posts @waz @WebMaster why this double standard on PDF.
 

Men in Green

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Ahha, after the humiliation of 27th February causing all the Indians to go into their hidey holes, good to see that they are gradually gathering courage to return to their old habits. :lol:
@The Eagle where is you negative rating now or warning this guy is keep spoiling threads with his off topic posts.

Post me the negatives and I’ll look at them bro.
https://defence.pk/pdf/threads/pm-i...roups-operating-within-pakistan.614947/page-6

Check this @The Eagle warned me for talking against imran khan for his leaks in iran. He even merged my thread with title IMRAN KHAN LEAKS OR DAWN LEAKS to this thread.

And check this negative rating for speaking truth

https://defence.pk/pdf/threads/paki...ce-products-from-turkey.616381/#post-11420966
 

Windjammer

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You are still stuck at 27th feb. while we are getting humiliated every day bcz of worst economy.
Why you keep bringing 27 on every thread? Isn't it off topic you moron.
I was given negative rating for off topic posts @waz @WebMaster why this double standard on PDF.
Listen you idiot, i know what i'm saying and for what reasons, we don't need some desperate Indians to post daily rupee rates. And next time befire you quote me first make sure what's killing you, your negative ratings or something else.
 

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