ANNAM LODHI: The upcoming elections in Pakistan are a battle between candidates who have waited long years for the opportunityRead More
Can Shehbaz Sharif Escape His Brother’s Shadow?
As Finances Wobble, Rupee Devalued Further: Propping Economy ‘Needs Some Kind of Bazooka’
JUL 16, 2018 (BE2C2): The State Bank let Rupee devalue further on Monday as finances wobble before national election in nine days. The rupee has been devalued for the fourth time this year– it dropped almost 14 percent since December, seeking to slow the depletion of foreign-exchange reserves before the election. The country’s foreign reserve erosion has been the biggest (34 percent) in Asia over past year, according to Bloomberg and IMF tracking data. The currency, whose rate is set by the central bank, dropped as much as 5.3 percent to 128 per dollar at the close on Monday, accordingRead More