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