Thursday, May 8, 2008, Jamadi-ul-Awwal 1, 1429    

SBP pumps $6m to keep rupee afloat

Islamabad—The Central Bank better late than never finally awakened and ultimately felt the responsibility of intervening into the Tsunami-hit open market, persistently sinking the rupee value, by pumping $6 million in the market through the exchange companies for halting any further downslide and at least keeping it afloat.
Central Bank spokesman, Syed Wasimuddin told media that $6 million were provided to the 24 ‘A’ Class exchange companies on Monday and Tuesday, which they have to return to the Central Bank by May 15 and, thereafter, the decision relating to further providing dollar or otherwise would be taken on viewing the market situation.
Galloping imports and diminishing flow of foreign funds initiated the process of the rupee value eroding and the Central Bank has proposed several measures for halting this sink.—APP