Rupee strengthens against dollar

The SBP let the rupee depreciate massively in the inter-bank market


Our Correspondent November 11, 2020
A REUTERS FILE IMAGE

The rupee strengthened against the dollar at Rs158.69 in the inter-bank market on Tuesday compared with Monday’s close of Rs158.91, according to the State Bank of Pakistan (SBP). Earlier, the SBP let the rupee depreciate massively in the inter-bank market after finalisation of an agreement with the IMF for a loan programme on May 12, 2019. 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, November 11th, 2020.

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