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Value of Pakistani Rupee remains stable against dollar

KARACHI: Pakistani rupee showed stability against US dollar in the inter-bank market on Tuesday compared with Monday’s close of Rs115.5/115.7. The rupee remained constant against the dollar at Rs115.5/115.7 As per Central bank report, rupee showed a downward trend nearby to 9% of its value, since December. The main reason of such negative trend is an answer of the burden created due to broadening of current account deficit. According to State Bank of Pakistan, rupee value mainly depends upon the supply & demand…

IMF says devaluation of Pakistani rupee helpful for economic growth

ISLAMABAD: The International Monetary Fund (IMF) on Thursday welcomed Pakistan’s recent devaluation of its currency, calling it important for economic growth. “Continued exchange rate flexibility will be important to facilitate external adjustments to support exports and economic growth,” Harald Finger, who led an IMF staff mission’s visit to Islamabad, said in a media briefing at the end of his visit. The rupee started weakening after the central bank withdrew its support for the currency last Friday. Since then, the…

Pakistani rupee weakens further after SBP pulls support

KARACHI: The Pakistani rupee weakened further on Monday, after State Bank of Pakistan (SBP) withdrew its support on Friday, effectively devaluing the currency. The rupee plunged to as low as 110 per dollar, before recouping some of the losses to stabilise at 108.50 by midday local time, traders said. The currency weakened to 107 per dollar on Friday from 105.55 at open. The rupee has mostly traded in a tight range of 104-105 per dollar since December 2015. The State Bank of Pakistan’s (SBP) withdrawal of its support…