Rupee stable against dollar
Since December, the rupee has cumulatively shed close to 13% of its value
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. PHOTO:EXPRESS
KARACHI:
The rupee remained stable against the dollar at Rs121.4/121.6 in the inter-bank market on Monday compared with Friday’s close of Rs121.4/121.6. Contrary to the impression created after the previous round of devaluation, the Pakistani currency weakened further by 3.65% in its third round earlier this month. 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, July 3rd, 2018.
The rupee remained stable against the dollar at Rs121.4/121.6 in the inter-bank market on Monday compared with Friday’s close of Rs121.4/121.6. Contrary to the impression created after the previous round of devaluation, the Pakistani currency weakened further by 3.65% in its third round earlier this month. 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, July 3rd, 2018.