ISLAMABAD - Pakistan’s Eurobonds fell on Monday following what traders said appeared to be the country’s third currency devaluation in seven months.
The 2027-maturing bond fell 0.75 cents to trade at 89.76 cents - the first time the bond had slipped below the 90 cent mark, Thomson Reuters data showed. A 2025 bond fell 0.61 cents as well, to its lowest level since February 2016.
Pakistan’s economy is forecast to expand by close to six per cent this year which would be the fastest pace in more than a decade.
A widening current account deficit, however, has fuelled speculation it will need its second International Monetary Fund (IMF) bailout since 2013.