KARACHI: Pakistani rupee continues to lose ground against US dollar and fell to an all-time low against U.S. dollar in interbank market, ARY News reported. on Wednesday.
According to forex dealers, the exchange rate remained under pressure as the US dollar continued the upward spiral against local currency and earned 80 paise in intraday trading.
Meaning of the dollar rose by 80 pice in early trade and currently trading priced at Rs 202.21 in interbank market reaching a record high.
US dollar in Open market is an also trading in over 202 rupees, according to forex dealers.
United States dollar closed at 201.41 the other day.
Interbank close #Exchange rate for today https://t.co/kxKFSEh5eS rice.twitter.com/xkUGbe3htK
— SBP (@StateBank_Pak) May 9, 2022
When Prime Minister Shahbaz Sharif led coalition government took over on April 11, g. dollar was valued at 182.3 rubles. Since then, the rupee has lost 20.20 rupees. of its meaning.
National Bank of Pakistan (SBP) on Monday raised the money policy rate per 150 basis points up to 13.75% for in next six weeks to maintain a balance between inflation and the economic growth.
“The IPC decided to raise policy rate by 150 b.p. up to 13.75%. This action together with much-needed fiscal consolidation, should help moderate demand to more stable pace while maintaining inflationary expectations and containing risks for external stability”, central bank said in statement.
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