Karachi: The Pakistani rupee (PKR) continued losing momentum against the US dollar, and depreciated by another Rs 1 on Tuesday.
According to the State Bank of Pakistan, at the end of the session, the local currency depreciated by 0.46% to close at Rs 217.66 against the greenback in the inter-bank market at 217.49 in the inter-bank market.
Interbank closing #ExchangeRate for todayhttps://t.co/Q11sGmWRyJ pic.twitter.com/K0WzLYCBoQ
— SBP (@StateBank_Pak) August 23, 2022
Yesterday, the local currency depreciated by 0.93% to close at Rs 216.66.
Some analysts cite political developments since Sunday as the reason behind the rupee’s depreciation.
Additionally, the State Bank of Pakistan on Monday decided to keep the policy rate unchanged at 15%.
Providing the reasons for the Monetary Policy Committee’s decision, the statement said, “With recent inflation developments in line with expectations, domestic demand beginning to moderate and the external position showing some improvement due to a lower trade deficit and resumption of the IMF (International Monetary Fund) programme, the MPC felt that it was prudent to take a pause at this stage.”
