Rupee strengthens against dollar

Following reports that China had agreed to immediately lend $2 billion to Pakistan, the rupee appreciated

KARACHI: The rupee strengthened against the dollar at Rs123.6/123.8 in the inter-bank market on Wednesday compared with Monday’s close of Rs123.8/124, according to the central bank website. Following reports that China had agreed to immediately lend $2 billion to Pakistan, the rupee had appreciated against the US dollar. Cumulatively, it has recovered 3.4% from Rs128.5 in recent days. 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.

Published in The Express Tribune, August 16^th, 2018.

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