Currency: Rupee weakens against dollar

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


Our Correspondent June 22, 2018
PHOTO: EXPRESS

KARACHI: The rupee weakened against the dollar at Rs121.6/121.8 in the inter-bank market on Thursday compared with Wednesday’s close of Rs121.4/121.6. Contrary to the impression created after the previous round of depreciation, the Pakistani currency weakened further by 3.65% in its third round of rupee depreciation last week. Since December, the rupee has cumulatively shed close to 13% 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 22nd, 2018.

Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.

Facebook Conversations

COMMENTS

Replying to X

Comments are moderated and generally will be posted if they are on-topic and not abusive.

For more information, please see our Comments FAQ

Load Next Story