Miscommunication Caused ‘Mind-Boggling’ Pakistan Rupee Dive

  • Government may appoint new central bank governor by Friday
  • Pakistan’s currency dropped most in nine years on Wednesday
Photographer: Asim Hafeez/Bloomberg
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Pakistan’s Finance Minister Ishaq Dar blamed miscommunication by “individuals” and institutions for the rupee’s biggest tumble in nine years and said a new central bank governor may be appointed as early as Friday.

Dar told reporters in Islamabad on Thursday that the rupee’s 3.1 percent drop on Wednesday against the dollar was “mind-boggling” and there was no reason to weaken the currency as the country’s foreign currency reserves are stable. The rupee climbed most since March 2014, adding 2 percent to 105.95 per dollar at 5:09 p.m. local time on Thursday.