Rupee strengthens against dollar
Following reports that China had agreed to immediately lend $2 billion to Pakistan, the rupee appreciated
Following reports that China had agreed to immediately lend $2 billion to Pakistan, the rupee appreciated PHOTO:FILE
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 16th, 2018.
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 16th, 2018.