Rupee drops as SBP tackles reserves decline

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The State Bank of Pakistan

The State Bank of Pakistan (SBP) has acted to stem a steady decline in its foreign exchange reserves, triggering a sharp adjustment of the exchange rate.

Since the central bank started the action on December 8, the rupee has fallen in daily increments, and is now down 3.9% against the dollar. One dollar is now worth 109.5 rupees.

In a statement, the SBP said it was allowing the “market-driven adjustment” in an effort to “contain the imbalance in the external account”, while sustaining the

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