Business

Rupee strengthens against dollar

Cumulatively, the rupee has dropped by 26.67% in the last 10 months

Our Correspondent October 11, 2018

Cumulatively, the rupee has dropped by 26.67% in the last 10 months. PHOTO: FILE

KARACHI: The rupee strengthened against the dollar at Rs133.2/133.4 in the inter-bank market on Wednesday compared with Tuesday’s close of Rs133.25/133.75. A slump in the value of the rupee on Tuesday came a day after the government decided to knock at the International Monetary Fund’s (IMF) door to avoid default on import payments and debt repayments. This was the fifth round of massive depreciation of the Pakistani currency since December 2017 to tame aggressive demand for dollars in a faltering economy. Cumulatively, the rupee has dropped by 26.67% in the last 10 months. The central bank has said that the drop of 7.5% in the rupee’s value on Tuesday broadly reflected the current account dynamics and the demand-supply gap in the foreign exchange market.

Published in The Express Tribune, October 11^th, 2018.

Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.

COMMENTS (1)

Humza | 6 years ago | Reply Hardly sounds like it's strengthening. There is a reason why people are despairing and trying to get their money out these days.

Replying to X