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 Rs123.9/124.1 in the inter-bank market on Friday compared with Thursday’s close of Rs123.9/124.1. Following reports that China had agreed to immediately lend $2 billion to Pakistan, the rupee has appreciated against the US dollar. Cumulatively, it has recovered 3.36% in the past seven days from Rs128.5 on Monday last week. Prior to this, it had lost 22% of value since December 2017 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.