PKR registers loss against dollar for 25th consecutive session

KARACHI: Pakistani rupee on Tuesday continued to slide against the US dollar as it depreciated 0.11 percent in the interbank for the 25th consecutive session.

As per the State Bank of Pakistan (SBP), the rupee declined by Rs0.25 to close at 230.40. During the ongoing fiscal year, the rupee has depreciated 11.23% against the greenback.

On Monday, the rupee had registered a loss for the 24th successive session against the US dollar to settle at 230.15 after a decrease of Rs0.48 or 0.21%.

The State Bank of Pakistan’s (SBP) Monetary Policy Committee (MPC) on Monday announced an increase in interest rates of 100 basis points, bringing the rate to 17%.

Governor SBP Jameel Ahmad conveyed the monetary policy decision at a press conference following the meeting.

The committee, in its meeting, noted that inflationary pressure was persistent. “It noted that price stability was required to control inflation and maintain the growth rate,” Ahmad said.

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