Inter-Bank Market: Rupee weakens against dollar

[ni8mare]

Inter-Bank Market: Rupee weakens against dollar
By Our Correspondent
Published: December 7, 2018

PHOTO: REUTERS

KARACHI: The rupee weakened against the dollar at Rs138.54/Rs138.79 in the inter-bank market on Thursday compared with Wednesday’s close of Rs138.44/Rs138.63, according to the State Bank of Pakistan (SBP).

Last week, the rupee fell to an all-time low at Rs144 against the dollar in intra-day trading before recovering to 139.05 in the sixth round of devaluation since December 2017. Cumulatively, the rupee has lost 31.8% of its value in the last 12 months.

Earlier in October, a slump in the value of the rupee came after the government decided to knock at the International Monetary Fund’s (IMF) door to avoid default on import payments and debt repayments.

The central bank said economic data showed that the positive impact of recent stabilization measures had started to emerge gradually.

Published in The Express Tribune, December 7th, 2018.

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[Skull and Bones]

This is good news, Pakistan will be more competitive in export, and can derive full benefit of cpec.

 

[SunilM]

They will take it to 145 as per IMF diktat but this time slowly, like they should have in the first place!