Pakistani rupee sheds more value against US dollar in interbank market
By News Desk
October 31, 2023 11:56 AM
The Pakistani rupee’s gradual decline against the US dollar continued in the interbank market on Tuesday, reported 24NewsHD TV channel.
According to the State Bank of Pakistan, the rupee depreciated 0.18% or by 52 paisas against the greenback and ended the day at Rs281.47.
On Monday, the Pakistani rupee had went down 0.14% to settle at Rs280.95 against the US dollar.
In a related development, the Monetary Policy Committee (MPC) of the State Bank of Pakistan (SBP), in line with the wider market consensus, had kept the key policy rate unchanged at 22% on Monday.
In a press release, the State Bank said: “The committee noted that headline inflation rose in September 2023 as expected. However, it is projected to decline in October and then maintain a downward trajectory, especially in the second half of the fiscal year.”
Reporter Ashraf Khan