There have been unusual developments in the value of the rupee (PKR) during the last seven weeks. From a trend in the form of a declining value with respect to the US$, there has been an unanticipated reversal in this trend. During the month of September and up to the middle of October the rupee has actually gained in value by almost 14% in the open market. Simultaneously, the inter-bank exchange rate has improved by over 8%. The appreciation in the value of the rupee has been taking place at…
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