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Amid financial crisis, Pakistani rupee set to see worst month in 2 years

The Pakistani rupee has declined about 7% in May, the steepest drop since March 2020, as the country negotiates a bailout package with the IMF and other nations to keep its economy afloat

Pakistan needs about $36 billion to $37 billion in financing for the fiscal year starting June, Finance Minister Miftah Ismail said last week. (Photo: Bloomberg)
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Pakistan needs about $36 billion to $37 billion in financing for the fiscal year starting June, Finance Minister Miftah Ismail said last week. (Photo: Bloomberg)

Karl Lester M. Yap and Faseeh Mangi | Bloomberg
Pakistan’s rupee is poised for its biggest monthly decline in more than two years as deteriorating finances and uncertainty over the International Monetary Fund’s bailout plan weigh on the currency.
 
The Pakistani rupee has declined about 7% in May, the steepest drop since March 2020, as the country negotiates a bailout package with the IMF and other nations to keep its economy afloat. Analysts expect the currency to remain under pressure even as the government took steps to meet the IMF’s demands.

Pakistan needs about $36 billion to $37 billion in financing for the fiscal year starting June, Finance Minister

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First Published: May 31 2022 | 9:04 AM IST

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