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Pakistan rupee sees highest drop in nine yearsPakistan's currency dropped on Wednesday by the most in nine years amid rumours of devaluation due to a surging trade deficit and the shrinking exports of the country.
The rupee hit its lowest level since 2013 by shedding value of more than 3 per cent to 108.1 against the US dollar, according to data compiled by Bloomberg.
South Asia's second largest economy came under severe pressure due to the country's surging trade deficit on the back of falling exports and a sharp increase in the import bill.
The trade deficit soared 42 per cent to an all-time high of $30 billion in the first 11 months of the financial year 2016-17. In May, the year-on-year trade deficit surged 61 per cent to $3.465 billion, according to the latest data released by the Pakistan Bureau of Statistics.
The year-on-year import bill during the July-May 2017 period rose 20.6 per cent to $48.54 billion. It is expected to reach over $53 billion this fiscal year. In the 11 months through May, the export dropped from $19.14 billion a year ago to $18.54 billion, putting pressure on the currency.
Publication date: 7/6/2017
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