The rupee weakened against the US dollar at Rs159.5 in the inter-bank market on Tuesday compared with Monday’s close of Rs159.36, 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 International Monetary Fund (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, July 14th, 2021.
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