RUPEE STRENGTHENS AGAINST DOLLAR
Rupee Strengthened Against the US dollar to 159.31 rupees
The rupee strengthened against the US dollar to 159.31 rupees in the interbank market on Wednesday compared with a close of 159.34 rupees on Tuesday, according to the State Bank of Pakistan (SBP). Previously, the SBP allowed the rupee to depreciate massively in the interbank market after the completion of an agreement with the International Monetary Fund (IMF) for a lending program on May 12, 2019. The IMF asked Pakistan to end state control of the rupee and let the currency move freely to find its balance against the US dollar and other major world currencies.
Additionally, the World Bank, which funds some of Pakistan’s infrastructure and social safety net projects, has supported the idea of freeing the rupee from state control in an effort to give a much-needed boost to exports and fix a shaky economy.
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