Pakistan Devalues Rupee Fifth Time This Year Amid IMF Talks
- Negotiations with the IMF stalled earlier in November
- Pakistani currency is the worst performer in Asia this year
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Pakistan devalued its currency on Friday for the fifth time this year as the nation negotiates a bailout with the International Monetary Fund.
The rupee fell 3.8 percent to 139 per dollar at close from 133.9 on Thursday. The rupee has erased more than a fifth of its value to become the worst performer in Asia this year, according to a basket of 13 currencies compiled by Bloomberg. Officials at the central bank declined to comment.