Tuesday, June 28, 2022

Dollar reaches new high against rupee in interbank

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KARACHI: The Pakistani rupee continued to lose ground against US dollar and plunged to an all-time low against the greenback in the interbank market, ARY News reported on Wednesday.

According to forex dealers, the exchange rate remained under pressure as the US dollar continued its upward spiral against the local currency and gained 80 paisa in intraday trading.

The value of the greenback surged by 80 paisa in early trade and currently trading at Rs202.21 in the interbank market, hitting an all-time high.

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

The US dollar closed at 201.41 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 Rs20.20 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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