Rupee weakens against dollar

Following an agreement with the IMF for a loan programme on May 12

KARACHI: The rupee weakened against the dollar at Rs160.3/160.8 in the inter-bank market on Friday compared with Thursday’s close of Rs160.25/160.75, according to forex.pk. Earlier, the 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 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.

Published in The Express Tribune, July 27^th, 2019.

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