Pakistani rupee remains stable in interbank trading
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Pakistani currency managed to remain somewhat stable after losing marginally against the US dollar during the interbank trading, reported 24NewsHD TV channel.
However, it was the 11th consecutive time that the local unit was depreciated against the US dollar.
The forex dealers reported that at the outset of the trading session on Wednesday, the local currency shed another six paisas enabling the US dollar to top the Rs227 mark. But later, at the time of closing, the local unit fared better and the greenback was settled at Rs226.95, up by just one paisa from yesterday’s close.
Interbank closing #ExchangeRate for todayhttps://t.co/S6mEINVEdT pic.twitter.com/YRS8wXANcb
— SBP (@StateBank_Pak) January 4, 2023
According to the State Bank of Pakistan (SBP), the rupee on Tuesday closed at 226.94 after a drop of 51 paisas in its value or 0.22% against the greenback.
Interbank closing #ExchangeRate for todayhttps://t.co/P1d962EV1r pic.twitter.com/Di8tmCmMsA
— SBP (@StateBank_Pak) January 3, 2023
During the previous week, the Pakistan rupee registered a cumulative depreciation of 0.35% against the US dollar in the inter-bank market. The local currency closed at 226.43 against the greenback, taking total depreciation to 22% during 2022.
In a key development, the National Security Committee (NSC) it its last meeting on Monday had agreed on undertaking concrete steps including import rationalisation as well as preventing illegal currency outflows and Hawala business. The participants had vowed to stem the smuggling of dollars.
Meanwhile, the Consumer Price Index (CPI)-based inflation had clocked in at 24.5% in December on a year-on-year (YoY) basis, showed data released by the Pakistan Bureau of Statistics (PBS) the other day.
Reporter Ashraf Khan