The rupee weakened against the US dollar at Rs160.8 in the inter-bank market on Monday compared with Friday’s close of Rs160.7, 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. Also, the World Bank has supported the idea of leaving the rupee free from state control in a bid to boost exports and fix faltering economy.
Published in The Express Tribune, January 26th, 2021.
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