Rupee Gathers Strength Against Dollar

The rupee stayed stable compared to the dollar on the interbank markets at Rs141.2/Rs141.7 on Monday according to Forex.pk.

Earlier this March, in advance of an expected loan arrangement with the International Monetary fund, the State Bank of Pakistan (SBP) let the rupee depreciate on the inter-bank market.

Pakistan has been requested by the IMF to stop state control of the rupee and free the currency to find its balance on the US dollar and other major world currencies.

The rupee dropped to an all-time level of Rs144 versus the equity market dollar before its recovery from December 2017 to Rs139.05 in the 6th round of devaluation.

In the last 13 months, the rupee cumulatively has lost 31.8% of its significance.

Last year in November, in the sixth round of devaluation since December 2017, the rupee dropped to an all-time low of Rs 143 against the dollar in intra-day trade. In the past 13 months, the rupee has cumulatively lost 31.8% of its significance. A decrease in the rupee price was observed in October 2018 when the govt chose to tap on the gate of the IMF to prevent default in imports and debt repayments.