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Pakistan’s rupee plunges as IMF says mission to visit next week
The Pakistani rupee has dived to a historic low against the United States dollar after an exchange cap was lifted as the cash-strapped country seeks to unlock a vital bailout from the IMF. The Washington-based lender has yet to approve the release of the crucial instalment of $1.1bn, originally due to be disbursed in November…
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Responsibility has to be fixed for ‘financial apocalypse’ in Pakistan: analysts
Amid growing fears of an economic meltdown, senior analysts have said that the government needs to fix responsibility for the depletion of Pakistan’s foreign exchange reserves in a matter of months otherwise “course correction” won’t be possible. The US dollar appreciated sharply within the last three days, crushing the rupee in a record-shattering rally…