Currency: Rupee strengthens against dollar 

KARACHI: The rupee strengthened against the dollar at Rs110.2/110.4 in the inter-bank market on Monday compared with Friday’s close of Rs110.4/110.6. In the last few weeks, the rupee has cumulatively shed over 4% of its value after the central bank reportedly abstained from intervening in response to the pressure being built due to a widening current account deficit.

The State Bank of Pakistan has maintained that the slide in the rupee’s value is due to supply and demand dynamics of foreign exchange in the inter-bank market. While it has promised prompt intervention in case of speculative or momentary pressures, the central bank will sit on the fence and let “market-driven adjustment in the exchange rate to continue to contain the imbalance in the external account and sustain a higher growth trajectory”, according to a recent press statement.

Published in The Express Tribune, January 16th, 2018.

Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.

Police have registered case against unidentified thieves involved in the crimes

  • Two injured, valuables gutted in separate fires

    Fire incidents occur mainly due to short circuits

  • Imran vows to recover looted money from plunderers

    Promises to make investment in education his top priority if elected into power again

    More in Business

    Original news :