MM News

KARACHI: Pakistani rupee on Monday extended its losing run against the US dollar to the 24th successive session, as it depreciated 0.21% in the interbank.

As per the State Bank of Pakistan (SBP), the rupee declined by Rs0.48 to close at 230.15. During the ongoing fiscal year, the rupee has depreciated 11.12% against the greenback.

Interbank closing #ExchangeRate for todayhttps://t.co/Gl3WdSkOot pic.twitter.com/FMc1aGQeji

— SBP (@StateBank_Pak) January 23, 2023

During the previous week, the rupee’s losses in the inter-bank market continued as the currency extended its depreciation run to 23 successive sessions against the US dollar.

In another development on Monday, The State Bank of Pakistan’s (SBP) Monetary Policy Committee (MPC) 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.

“Our immediate problems, such as the current account deficit, continue. Our reserves are under pressure since the inflows we were anticipating have been delayed somewhat.” He added.