Karachi: Rupee lost value for seventh successive session against dollar as it depreciated 0.18 percent in inter-bank market. As per State Bank of Pakistan domestic unit settled at 281.47, decrease of 0.52 paisa.

During day, currency dealers said that rupee was quoted at 283 for selling and 280 for buying purposes for customers in open market. Gap between rates in inter-bank and open markets is required to be less than 1.25 percent under one of structural benchmarks set by International Monetary Fund.

In related development, Monetary Policy Committee of State Bank of Pakistan in line with wider market consensus, kept key policy rate unchanged at 22 percent. Internationally, dollar improved 0.7 percent against Japanese yen, which past 150 per dollar threshold to hit an intraday low of 150.12. It later pared some of those losses to stand at 149.95. Against other currencies, greenback edged broadly higher, with dollar index last up 0.22 percent at 106.39. Oil prices, key indicator of currency parity rebounded in Asian trade on Tuesday after drop of more than 3 percent in previous session, as worries over supply stirred by conflict in Middle East offset dismal China data.

Published in The Daily National Courier, November, 01 2023

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