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pakistan rupee: Pakistan devalues its currency for third time since December
This is the best tl;dr I could make, original reduced by 58%. (I'm a bot)
By Faseeh Mangi Pakistan's central bank devalued the rupee for a third time since December amid a worsening economy and speculation the country will need support from the International Monetary Fund. The managed currency dropped 3.7 percent to close at 119.84 per dollar on Monday, State Bank of Pakistan said in emailed statement. "You want to give a signal to the IMF that Pakistan is doing its homework'' ahead of a possible loan program, said Mohammed Sohail, chief executive officer at Topline Securities Pakistan Ltd. in Karachi. There's"pressure on emerging-market currencies including Turkey, Indonesia and India, so you have to adjust yours as well. State Bank of Pakistan expects the devaluation, interest rate increase and other measures "to contain the imbalances in the external account. The global chief economist at Renaissance Capital, said the devaluation, which he predicted earlier this year, makes Pakistan the " most competitive currency in South Asia." The decision should support the country's export growth, he said. Analysts say Pakistan's economic growth will slow in 2018 for the first time in six years.
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04-07 02:44 - 'Pakistan's forex reserves slump 12% in just weeks amid coronavirus outbreak; As on March 27, forex reserves totalled $11.2 billion, down from $12.8 billion as on March 6' (reuters.com) by /u/ShotHearing removed from /r/worldnews within 577-587min
With Pakistan forex trading due to the fact that the market is open to all international brokers offering service in the country, you may find a variety of offers and broker conditions on your search. Here are a few tips that can help you stay safe and choose the best forex broker in Pakistan. 1. Look for trusted brokers in order to avoid ... Forex.pk offers real time forex rates, archives, graphs, charts, news. Find Pak Rupee foreign exchange rate in US dollars and convert PKR to USD, GBP, Euro. Get Pakistan open market, inter bank for forex trading. Forex in Pakistan. The SECP (Securities and Exchange Commission of Pakistan) is the regulatory body in Pakistan located in Islamabad. The SECP allows authorized brokers to provide a maximum 1:10 leverage for Forex trading. Pakistani Traders living abroad are not subject to this regulation. Forex.pk is neither a currency exchange company nor it is affiliated with any money exchange dealer so we doesn't offer any type of currency trading or money transfer facility. Forex.pk maintains accuracy by timely updating Pakistan Open Market dollar rates received from various authentic sources for the interest of public. Trading forex (currencies) in Pakistan is popular among residents. While recommended, forex brokers are not required to become authorised by the Securities and Exchange Commission of Pakistan (SECP) to accept residents of Pakistan as customers. The Securities and Exchange Board of Pakistan is the financial regulatory body in Pakistan.
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