Pakistan rupee slumps 3.8 percent in major devaluation

KARACHI, Islamabad (Reuters) – The Pakistani rupee slumped 3.8 percent against the dollar on Monday in what appeared to be a currency devaluation by the central bank, traders said, as Pakistan battles to avert a balance of payments crisis.

By 0500 GMT, the rupee was at 120.10 per U.S. dollar after opening at 155.63. The rupee closed at 115.63 in the previous session.

“It was expected. So far no intervention seen by State Bank. It is expected that the central bank’s intervention may come soon just to keep the dollar within the rage of 120,” Fawad Khan, head of research at BMA Capital, told Reuters.

A spokesman for the central bank didn’t respond to Reuters’ request for comment.

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