Rupee stable against dollar
The IMF has asked Pakistan to end state control of the rupee
KARACHI:
The rupee remained stable against the dollar at Rs156.8/157.3 in the inter-bank market on Wednesday compared with Tuesday’s close of Rs156.8/157.3, according to forex.pk. Recently, the State Bank of Pakistan (SBP) 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. The rupee has weakened Rs9.04 or 6.11% since June 3. 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 depreciated almost 49% since December 2017, according to the central bank.
Published in The Express Tribune, June 20th, 2019.
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