Pakistan devalues rupee again, US dollar hits record high against currency

Pakistan’s central bank devalued the currency for a third time since December amid mounting economic pressure and speculation that the country may need International Monetary Fund support.

The rupee dropped as much as 5.1 percent to 121.5 a dollar in trade on Monday, according to bank foreign-exchange traders who asked not to be identified since they are not authorized to speak to the media. The central bank could not be immediately reached for a comment.

The move comes after Pakistan’s foreign exchange reserves dropped to the lowest in more than three years and the current account deficit widened by 50 percent. The