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Pakistan’s rupee weakened to record and stocks dropped, four days after the country agreed to a bailout financial package with the International Monetary Fund (IMF). Investors speculate that this includes tough conditions to reform the economy.
The Pakistani rupee dropped 3.1 per cent to 146 a dollar at 10:22 am local time. The Karach Stock Exchange (KSE)-100 index of stocks fell 1.4 per cent. The currency has plunged more than 20 per cent in the past year, making it the worst performer in Asia.
The KSE-100 Index is poised for its lowest close in more than three years days after the government of Prime Minister Imran Khan reached an agreement with the IMF for about a $6 billion loan designed to help the country avert an economic crisis. The lender said in the statement a market-determined exchange rate will help the economy.
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