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Friday, November 15, 2024

Home Pakistan Pakistani rupee remains largely stable against dollar after witnessing back-to-back blows

Pakistani rupee remains largely stable against dollar after witnessing back-to-back blows

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KARACHI – The negative trajectory of the Pakistani rupee against US dollar finally came to a halt after multiple losses, as the currency remained largely stable on Thursday.

Data shared by State Bank of Pakistan suggest that rupee settled at 294.92, with an increase of Rs0.01.

On Wednesday, PKR closed to its weakest level since May 11, one of the violent times when the Pakistani currency saw massive depreciation.

Interbank closing #ExchangeRate for today https://t.co/UezBSnkcAI #SBPExchangeRate pic.twitter.com/ppjrxO0CAc

— SBP (@StateBank_Pak) August 17, 2023

The recent devaluation in local currency comes as the coalition government completed its tenure and the reigns are in hands of a caretaker government.

Internationally, the US dollar moved up as the resilient US economy underlined the urge for higher-for-longer interest rates.