The value of the US dollar against Pakistani rupee touched an all-time high of Rs. 146 in the mid of this month. But as of today, the rupee has strengthened against the dollar at Rs. 149.7 in the inter-bank market compared with the Rs. 150 on Tuesday according to the reports of the central bank.
Recently, the central bank of Pakistan has let the depreciation of the rupee against the American dollar in the inter-bank market after reaching a financial deal with the International Monetary body for a loan program. The Pakistani rupee is on a roller coaster drive against the rate of dollar ever since the deal between the IMF and Pakistan.
The World Bank, the supporter and financer of some infrastructural projects in Pakistan have suggested the country to leave the state control of the rupee in an attempt to give a boost to exports. This will help stabilize the national currency against the US dollar.
The rupee continues to strengthen against the dollar in both the inter-bank and in the open market. The dollar rate in the open market falls from 150 rupees. There has been a fall in the dollar rate in the inter bank for up to 70 paisas. A drop in the price of the dollar is not good news for those who hoard the dollar.
The strengthening of rupee against the dollar will improve the evaluation of national currency. The newly elected leadership of Pakistan is confronted with the economic crisis and still striving to revive the depreciating value of the national currency.
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