Rupee stable against dollar

IMF has asked Pakistan to end state control of the rupee

Our Correspondent April 11, 2019

KARACHI: The rupee remained stable against the dollar at Rs141.2/Rs141.7 in the inter-bank market on Wednesday compared with Tuesday’s close of Rs141.2/Rs141.7, according to In March, 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 loan programme. The IMF has asked Pakistan to end state control of 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. Cumulatively, the rupee has shed 33.4% of its value since December 2017. Earlier, the central bank said it “will continue to closely monitor the situation and stands ready to intervene in case of any unwarranted volatility in the foreign exchange market.”  

Published in The Express Tribune, April 11th, 2019.

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