The rupee strengthened against the dollar at Rs163.48 in the inter-bank market on Wednesday in comparison with Tuesday’s close of Rs163.87. This is according to the State Bank of Pakistan.
Earlier, the SBP let the rupee weakened massively in the inter-bank market after finalization of an agreement with the IMF for a loan program on May 12, 2019.
According to the report, 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.
Furthermore, the World Bank, which finances few of the infrastructure and social safety net projects in the country, has supported the idea of leaving the rupee free from state control in order to give a boost to exports and fix a faltering economy.