Rupee stable against dollar

SBP has maintained that the slide in the rupee’s value is due to supply and demand dynamics of foreign exchange

KARACHI: The rupee remained stable against the dollar at Rs115.55/115.75 in the inter-bank market on Friday compared with Thursday’s close of Rs115.55/115.75. Since December, the rupee has cumulatively shed close to 9% of its value after the central bank reportedly abstained from intervening in response to the pressure due to a widening current account deficit. The State Bank of Pakistan has maintained that the slide in the rupee’s value is due to supply and demand dynamics of foreign exchange in the inter-bank market.

Published in The Express Tribune, June 9^th, 2018.

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