USDPKR: Further Rupee Devaluations Ahead, IMF Agreement or Not
Further devaluations likely in the near term regardless of whether an IMF agreement is forthcoming. Longer term, further rupee depreciation lies ahead but huge interest rate differential should more than offset the declines. Short-Term / Tactical Outlook: Reserve Gain Belies Increased External Fragility The uptrend in USDPKR in place since the SBP devalued…