KARACHI, June 11 (TNS): Contrary to the impression created after the previous round of devaluation, the Pakistani currency weakened to an intra-day low of Rs121 to the US dollar in the inter-bank market on Monday, a fall of 4.66 per cent, confirmed the State Bank of Pakistan (SBP).
On Thursday, the rupee closed at Rs115.61 in the inter-bank market.
“This is a free market where market forces determine the rupee’s value,” SBP spokesperson said.
However, tradition says Pakistan’s central bank has played a huge role on determining the rupee-dollar parity, as it usually intervenes to keep the rupee stable.
