Karachi: The rupee stabilised against the dollar at PKR 124.1/124.3 at the inter-bank market rate, according to a news report. In prior weeks, news of China agreeing to lend USD 2 billion to Pakistan, made the rupee appreciate against the US dollar.
Earlier from December 2017, the rupee depreciated by 22% of its value. This corresponded to the same time when the State Bank of Pakistan (SBP) decided to abstain from intervening in response to the pressure due to widening of current account deficit. The SBP said that the drastic decrease in price occurred because of demand and supply dynamics of foreign exchange at the inter-bank market.
