Inter-Bank Market: Rupee strengthens against dollar

KARACHI: The rupee strengthened against the dollar at Rs132.44/Rs132.62 in the inter-bank market on Monday compared with Friday’s close of Rs132.45/Rs132.64, according to the State Bank of Pakistan (SBP).

Last month, the rupee strengthened after Saudi Arabia agreed on a $6-billion assistance package for Pakistan.

Earlier in October, a slump in the value of the rupee came 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.

Published in The Express Tribune, November 6^th, 2018.

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