Inter-Bank Market: Rupee stable against dollar

Rupee stands at 133.7/133.9 against the dollar

KARACHI: The rupee remained stable against the dollar at Rs133.7/133.9 in the inter-bank market on Tuesday compared with Monday’s close of Rs133.7/133.9, according to the State Bank of Pakistan. A slump in the value of the rupee came earlier this month 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 26.67% in the last 10 months.

Published in The Express Tribune, October 24^th, 2018.

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