KARACHI: The rupee weakened against the dollar at Rs140.6/Rs141.1 in the inter-bank market on Monday compared with Friday’s close of Rs140.2/Rs140.7, according to forex.pk. Last week, the State Bank of Pakistan (SBP) let the rupee depreciate in the inter-bank market ahead of an expected agreement with the International Monetary Fund (IMF) for a long-term loan programme. The IMF has asked Pakistan to end state control over the rupee and let the currency move freely to find its equilibrium against the US dollar and other major world currencies. Also, the World Bank, which finances some of the infrastructure and social safety net projects in Pakistan, has supported the idea of leaving the rupee free from state control in a bid to give much-needed boost to exports and fix a faltering economy.
Published in The Express Tribune, April 2nd, 2019.