Posted 11/27/2023, 8:31:00 PM
Pakistani Rupee in Free Fall as Economic Woes Mount
- The Pakistani rupee has fallen 20% against the dollar this year and is Asia's worst performing currency
- Analysts expect further losses, with some forecasts of the rupee weakening to 350 or 324 per dollar by end of 2023
- High inflation, large trade deficit, debt payments, and dependence on foreign aid are pressuring the currency
- Dollar shortage may lead to emergence of parallel currency markets again
- New government after February elections may sign long-term IMF program to provide some relief