Pakistani Rupee gains slightest edge against US dollars

KARACHI: Pakistan’s rupee registered slight gains against the US dollar on Wednesday.

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The price of the dollar decreased by Rs0.32 to Rs151.60 in the interbank market, while in the open market it decreased by Rs0.50 to trade at Rs153.50.

The rupee reached a record low of Rs151.92 in the interbank market a day earlier to continue a slide that saw it lose more than 5 per cent last week in the wake of a $6 billion loan accord with the International Monetary Fund.

The IMF accord, which must still be approved, foresees a “market-determined” rate for the rupee. At present, the currency – which many analysts consider overvalued – is managed by the central bank in a de facto controlled float.

The State Bank of Pakistan, which lifted interest rates by 150 basis points on Monday to 12.25%, said it was watching the foreign exchange market closely and would act in the case of “unwarranted” volatility.

Reuters

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