Karachi (July 6, 2017): The State Bank of Pakistan says it will continue to closely monitor developments in the foreign exchange markets and ensure stability in the financial markets.
In a statement, the Bank said the current exchange rate is broadly aligned with the economic fundamentals.
It said the Pakistani rupee-US dollar exchange rate in the inter-bank market has depreciated by 3.1 percent from 104.90 to 108.25 per US dollar.
The Pakistani rupee slid 3.1 percent against the dollar on Wednesday in an apparent devaluation as the central bank said the new rate would shore up economic growth and ease external account pressures.
Analysts said the State Bank of Pakistan (SBP) had effectively devalued the rupee to its lowest level against the dollar since December 2013, but Finance Minister Ishaq Dar said he felt “deep concern and indignation” at what he called an artificial weakening.
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