KARACHI: The rupee strengthened against the dollar at Rs156.4/156.9 in the inter-bank market on Tuesday compared with Monday’s close of Rs156.5/157, 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. Cumulatively, the rupee has depreciated almost 49% since December 2017, according to the central bank.
Published in The Express Tribune, September 4th, 2019.
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