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Rupee strengthens against dollar – Inter-Bank Market

The rupee has strengthened against the dollar at about Rs162.37 in the inter-bank market.

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The rupee has strengthened against the dollar at about Rs162.37 in the inter-bank market.

The State Bank of Pakistan (SBP) announced the news, mentioning the value in comparison with Friday’s close of Rs162.49.  The burden of loan payments on Pakistan has affected the value of rupees a lot. The SBP let the rupee depreciate massively in the inter-bank market after the finalization of an agreement with the IMF for a loan program on May 12, 2019.

The IMF has asked Pakistan to end state control of the rupee. Moreover, it has asked to freely move the currency so that it can compete with the US dollar and other major world currencies.

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