Karachi: The US dollar depreciated against the rupee in both the foreign exchange markets on Friday.
As a result, the dollar lost another 20 paise to close at Rs 160.30 in the open currency market.
In the interbank market, the dollar fell further by 18 paise to close at Rs 160.10.
Previously, after finalizing a deal with the International Monetary Fund (IMF) for a loan initiate on May 12, 2019, the State Bank of Pakistan (SBP) let the rupee decline substantially on the inter-bank market, according to the SBP.
The World Bank, which funds some of Pakistan’s infrastructure and social safety net programs, has also backed the initiative of keeping the rupee free of state regulation in an attempt to give exports a much-needed boost and address a faltering economy.