PHOTO: REUTERS
KARACHI: The rupee weakened against the dollar at Rs151.6 in the inter-bank market on Wednesday compared with Tuesday’s close of Rs151.5, according to the central bank.
Recently, the State Bank of Pakistan (SBP) has let the rupee depreciate massively in the inter-bank market after finalising an agreement with the International Monetary Fund (IMF) for a loan programme on May 12.
Cumulatively, the rupee has weakened nearly 7.44%, or Rs10.53, in the past few days under a fresh round of depreciation.
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.
Published in The Express Tribune, June 13th, 2019.
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