Pak Currency Drops Most in 9 Years

Pakistan’s rupee plunged the most in nine years, after the central bank was said to have devalued the currency as its economy showed signs of stress ahead of elections next year. The rupee fell 3.1% to 108.1 against the dollar on Wednesday, the lowest level since December 2013, according to data compiled by Bloomberg. The move was a “long overdue” devaluation, Karachi-based Topline Securities said in a research note. State Bank of Pakistan spokesman Abid Qamar declined to comment. The International Monetary Fund last year pointed out that the currency, which operates under a managed float regime, was overvalued by as much as 20% and was negatively impacting its exports.