Saturday, July 2, 2022

Rupee depreciation continues against US dollar in interbank

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KARACHI: The Pakistani rupee continued to lose ground against the US dollar in the interbank market on Tuesday as the greenback reached an all-time high of Rs201.41, ARY News reported.

According to the State Bank of Pakistan (SBP), the US dollar breached the 201-mark at the day’s start and closed at Rs201.41 after gaining 0.48 paisa.

US dollar in the open market is trading at over Rs202, according to Forex dealers.

The US dollar closed at 200.93 the other day.

When the PM Shehbaz Sharif-led coalition government took over on April 11, the dollar was valued at Rs182.3. Since then, the rupee has lost Rs19.41 of its value.

The State Bank of Pakistan (SBP) on Monday raised the monetary policy rate by 150 basis points to 13.75% for the next six weeks to maintain the balance between inflation and economic growth.

“The MPC decided to raise policy rate by 150bps to 13.75%. This action, together with much needed fiscal consolidation, should help moderate demand to more sustainable pace while keeping inflation expectations anchored & containing risks to external stability,” the central bank said in a statement.

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