Chinese whispers after Pakistan’s currency nosedives

On Wednesday (July 5), the Pakistani rupee went into tailspin.

Within hours, the currently slumped 3.1%, its sharpest drop in a single day since 2008, sending panic waves across south Asia’s second largest economy. Eventually, the currency settled at 108.095 per dollar at the end of trade on July 05, the lowest closing level since December 2013.

“This is an earthquake for the currency market and badly shakes investor confidence,” Malik Bostan, president of the Forex Association of...

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