The rupee strengthened against the US dollar at Rs167.25 in the inter-bank market on Wednesday compared with Tuesday’s close of Rs167.63, 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. In early September 2021, the Pakistani rupee became the worst performing currency in Asia in a basket of 13 currencies as it fell to a 13-month low against the US dollar in the wake of a significant surge in demand for the greenback to make payments for soaring imports.
Published in The Express Tribune, September 9th, 2021.
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