The rupee strengthened towards the US greenback at Rs167.25 within the inter-bank market on Wednesday in contrast with Tuesday’s shut of Rs167.63, based on the State Financial institution of Pakistan (SBP). Earlier, the SBP let the rupee depreciate massively within the inter-bank market after finalisation of an settlement with the Worldwide Financial Fund (IMF) for a mortgage programme on Could 12, 2019. The IMF has requested Pakistan to finish state management of the rupee and let the forex transfer freely to seek out its equilibrium towards the US greenback and different main world currencies. In early September 2021, the Pakistani rupee grew to become the worst performing forex in Asia in a basket of 13 currencies because it fell to a 13-month low towards the US greenback within the wake of a major surge in demand for the buck to make funds for hovering imports.
Revealed in The Categorical Tribune, September 9th, 2021.