Rupee edges up against dollar

Rupee edges up against dollar

ISLAMABAD: The rupee strengthened against the dollar at Rs121.4/121.6 in the inter-bank market on Monday compared with Friday’s close of Rs121.45/121.65.

Contrary to the impression created after the previous round of devaluation, the Pakistani currency weakened further by 3.65% in its third round last month.

Since December, the rupee has cumulatively shed close to 13% of its value after the central bank reportedly abstained from intervening in response to the pressure due to a widening current account deficit.

 The State Bank of Pakistan has maintained that the slide in the rupee’s value is due to supply and demand dynamics of foreign exchange in the inter-bank market.