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Pak Rupee weakens against USD in interbank market

Pak Rupee weakens against USD in interbank market

KARACHI: The exchange rate of Pakistani rupee weakened against the dollar at Rs166.26 in the inter-bank market on Tuesday compared with Monday’s close of Rs166.17, according to the State Bank of Pakistan (SBP).

Earlier, the SBP had let the rupee depreciate massively in the inter-bank market after finalisation of an agreement with the IMF for a loan programme on May 12, 2019.

The IMF has asked Pakistan to end state control of the rupee and let the currency move freely to find its equilibrium against the US dollar and other major world currencies.