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Pakistan's new rupee devaluation shows economic risk before election

Reuters  |  KARACHI/ISLAMABAD 

By Syed Raza Hassan and Asif ShahzadKARACHI/ISLAMABAD (Reuters) - The Pakistani rupee slumped 3.8 percent against the dollar on Monday before slightly recovering in what appeared to be the third currency devaluation in seven months by the central bank amid fears of a balance of payments crisis.The rupee's decline to 119.85 per U.S. dollar threatens to squeeze consumers just days before the Eid holiday, which ends the Islamic fasting month of Ramadan, and ahead of a general election set for July 25.The apparent devaluation shows signs of vulnerability in Pakistan's nearly $300 billion economy, ...

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First Published: Mon, June 11 2018. 18:49 IST
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