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Rupee stabilises against the dollar in the inter-bank market

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Rupee stabilises against the dollar in the inter-bank market

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According to the State Bank of Pakistan, the rupee remained stable against the dollar at PKR 166.22 in the inter-bank market.  On May 12, 2019, after an agreement with the International Monetary Fund for a loan, the SBP had let the rupee depreciate in the market. 

In its agreement, the IMF asked the government to end state control of the rupee and let it move freely to find its equilibrium against the dollar and other world currencies in the market.

Moreover, the World Bank, which finances some significant projects in Pakistan, had also supported the idea of leaving the idea of rupee free from state control to give a much-needed boost to exports and fix a faltering economy.

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