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  • 31-05-22

    Pakistan rupee set for biggest regular drop in two years within funding woes

    (MENAFN) Pakistan’s rupee is poised for its main monthly decline in over two years as failing finances and uncertainty over the International Monetary Fund’s bailout strategy weigh on the currency.

    The rupee has weakened about 7 per cent in May, the steepest decline since March 2020, since the nation talks over a bailout package with the fund and other countries to keep its economy flooded and avert a default.

    Analysts anticipate the currency to stay under pressure regardless of measures taken by the administration to achieve IMF requires.

    Pakistan wants between USD36 billion and USD37bn in funding for the economic year from June, as stated by Finance Minister Miftah Ismail last week.

    MENAFN31052022000045012476ID1104298787

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