Pakistan’s currency is on track for its worst week in more than two decades, reflecting investors’ worries that the country risks following Sri Lanka to become the next emerging economy to default on foreign repayments.
The nearly 7 per cent tumble of the Pakistani rupee to Rs226 to the dollar by Thursday marked the latest setback for the currency, which has fallen sharply this year. If there is no recovery on Friday, it would be the rupee’s sharpest weekly fall since November 1998.
The latest slide reflected mounting concerns that a $1.2bn loan disbursement from the IMF agreed last week might not be enough to avert a balance of payments crisis. Pakistan’s bonds have been among the worst performers in emerging markets this year.
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