Rupee remains stable against dollar

IMF has asked Pakistan to end state control of the rupee


Our Correspondent August 14, 2021
The US dollar is also gaining strength against world currencies. PHOTO: FILE

KARACHI:

The rupee remained stable against the US dollar at Rs164 in the inter-bank market on Friday compared with Thursday’s close of Rs164, 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. 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, August 14th, 2021.

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