PKR falls 0.07% to close at 286.64 against dollar

KARACHI: The Pakistani rupee lost 0.07% against the US dollar on Monday after two consecutive days of appreciation.

At close, the rupee settled at 286.64, a decrease of RS0.19, as per the State Bank of Pakistan (SBP).

Interbank closing #ExchangeRate for today https://t.co/vrlpFx7L4w#SBPExchangeRate pic.twitter.com/ZSBOOmwAhu

— SBP (@StateBank_Pak) July 31, 2023

During the previous week, the rupee registered a marginal appreciation of 0.13%, which consisted of four trading sessions, to close at 286.45 against the US dollar.

While the week-on-week change was marginal, the rupee endured a fall close to the 289 level before strengthening to close with back-to-back gains.

In a significant development, The State Bank of Pakistan (SBP) on Monday kept the key policy rate unchanged at 22%, governor Jameel Ahmad has announced.

 “While the inflation trajectory has shifted slightly upward after the recent energy tariff adjustments and additional taxation measures, the MPC assessed the continuation of ongoing tight monetary policy stance as appropriate to bring inflation down to the medium-term target,” the central bank said in a press release.

It stated the MPC assessed inflation to fall gradually during the first half of FY24, before falling below 20pc in the second half.