Rupee continues to recover against US dollar as political turmoil eases
- By Web Desk -
- Apr 12, 2022
KARACHI: The Pakistani rupee on Tuesday registered a sharp recovery against the United States (US) dollar as it appreciated Rs1.63 in the interbank market, ARY News reported.
According to foreign currency dealers, the US dollar is trading at Rs181.30 after depreciating Rs1.63 against the local currency in early trade.
In the open market, the dollar is trading at over Rs183.
The Pakistani rupee had closed at Rs182.93 against the dollar in the interbank market on Monday.
Interbank closing #ExchangeRate for todayhttps://t.co/P2kR30l9Pj pic.twitter.com/NEmQNTxU5x
— SBP (@StateBank_Pak) April 11, 2022
As per economic experts, the rupee has started showing signs of recovery after the political uncertainty has come to an end and a new government came into power.
SBP JACKS UP MONETARY POLICY RATE TO 12.25%
It is pertinent to mention here that the State Bank of Pakistan (SBP) last week set the monetary policy rate at 12.25%.
The Monetary Policy Committee (MPC) noted in its statement the significant uncertainty around the outlook for international commodity prices and global financial conditions necessitated a strong and proactive policy response so it decided at its emergency meeting today, to raise the policy rate by 250 basis points to 12.25 percent.