KARACHI: The Pakistani rupee on Thursday registered its fourth consecutive decline against the US dollar, depreciating 0.07% in the interbank.
As per the State Bank of Pakistan (SBP), the rupee settled at 280.09, a decrease of Re0.21.
On Wednesday, the rupee had depreciated 0.16% to settle at 279.88 against the US dollar.
In a related incident, four banks were fined Rs83.2 million by the State Bank of Pakistan (SBP) for failing to comply with legal or regulatory requirements during the quarter that ended on September 30, 2023.
Around the world, the US dollar held steady on Thursday, closing in on a one-week high as Treasury yields increased and investor desire for riskier currencies decreased. In the meantime, the yen broke through 150 to the dollar, which alarmed traders about the possibility of intervention.
US GDP data due later on Thursday is a key event risk for dollar/yen, according to Carol Kong, currency strategist at Commonwealth Bank of Australia, who said a strong report may pressure US yields higher and result in the yen testing fresh lows.
