MARKETS

Rupee Continues to weaken against dollar

The rupee continued to weaken against the US dollar at Rs155.78 in the inter-bank market on Tuesday compared with closing at Monday’s at Rs155.3, revealed by the State Bank of Pakistan (SBP).

Earlier, the SBP allowed the rupee to fall sharply in the interbank market. After finalizing an agreement with the International Monetary Fund (IMF) for a loan program on May 12, 2019.

The IMF has already asked from Pakistan to end state control of the rupee. IMF said let the currency move freely in the market. It will then find its equilibrium against the US dollar and other major world currencies based on the market forces.

Also, the World Bank, which finances on many projects in Pakistan. It has also proposed the idea to leave the rupee free from state control. It will much boost to exports and will help to fix a sick economy.

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