Re gains by 21 paisas against greenback

KARACHI: The Pakistani rupee recovered to Rs158.76 against the US dollar after gaining 20 paisa in the interbank market during the early trade hours on Tuesday.
In the open market, the local currency also appreciated by 20 paisa and was being traded at Rs158.97 against the greenback.
In previous weeks, the rupee was observed to cumulatively depreciate against the greenback, which in turn had resulted in increased prices of goods and hardships for the general public.
The SBP had let the rupee depreciate significantly in the inter-bank market after finalising an agreement with the International Monetary Fund (IMF) for a loan programme on May.
The IMF has asked Pakistan to end state control of the rupee and let the currency move freely to find its equilibrium against the US dollar.
On the other hand, the World Bank Group has also supported the idea of leaving the rupee free from state control in an attempt to give much-needed boost to exports and fix a faltering economy. – NNI

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