KARACHI: The rupee weakened against the dollar to Rs128.5/128.7 in the inter-bank market on Tuesday compared with Monday’s close of Rs127.9/128.1. Contrary to the impression created after the previous round of depreciation, the Pakistani currency weakened further by 5.3% in its fourth round on Monday. Since December, the rupee has cumulatively shed over 21% 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 18th, 2018.
Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.
Comments are moderated and generally will be posted if they are on-topic and not abusive.
For more information, please see our Comments FAQ