SBP injects $200m to stabilise rupee

KARACHI (Agencies) - The State Bank of Pakistan (SBP) Wednesday injected $200 million in inter-bank market to stabilise value of rupee against dollar, according to Forex market sources.

SBP spokesman Syed Waseem Uddin told a private TV channel that central bank intervened in inter-bank market to stabilise the value of rupee against dollar. He, however, declined to comment on value of dollars injected in inter-bank market. According to Forex market sources, the dollar was being traded at Rs78.50 in the inter-bank and at one point its value hit Rs80. In result, the central bank injected $200m in the market. The dollar is now being traded at Rs79.55 after the central bank’s intervention.

Central bank said it was intervening in the money market after the rupee plunged to a record low against the dollar amid a worsening global financial crisis.