*KARACHI: *
The rupee weakened against the dollar at Rs166.52 in the inter-bank marketon Wednesday compared with Tuesday’s close of Rs166.43, according to theState Bank of Pakistan (SBP).
Earlier, the SBP let the rupee depreciate massively in the inter-bankmarket after finalisation of an agreement with the International MonetaryFund (IMF) for a loan programme on May 12, 2019.
The IMF has asked Pakistan to end state control of the rupee and let thecurrency move freely to find its equilibrium against the US dollar andother major world currencies.
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Also, the World Bank, which finances some of the infrastructure and socialsafety net projects in Pakistan, has supported the idea of leaving therupee free from state control in a bid to give a much-needed boost toexports and fix a faltering economy.
