Karachi: Rupee maintained its downward trend against dollar for 25th consecutive session as it depreciated 0.11 percent in inter-bank market.

As per State Bank of Pakistan rupee declined by 0.25 paisa to close at 230.40. During ongoing fiscal year, rupee has depreciated 11.23 percent against greenback.

On Monday, rupee had registered loss for 24th successive session against dollar to settle at 230.15 after decrease of 0.48 paisa or 0.21 percent.

In line with market expectations, Monetary Policy Committee of SBP announced an interest rate hike of 100 basis points, taking it to 17 percent. This is highest level of key policy rate since October 1997.

SBP said it has completed its investigation over alleged exchange-rate manipulation by commercial banks in country and will put forth decision in matter of “Days” after consultations on whether apparent penalty is to be pursued from regulatory or fiscal standpoint.

Globally, dollar was on back foot on Tuesday, hovering near nine-month low to euro and giving back recent gains against yen, as traders continued to gauge risks of US recession and path for Federal Reserve policy.

Published in The Daily National Courier, January, 25 2023

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