Karachi: Rupee registered marginal depreciation against dollar for 18th successive session in inter-bank market. As per State Bank of Pakistan (SBP), rupee declined by 0.01 paisa to close at 228.15. During ongoing fiscal year, rupee has depreciated 10.25 percent against greenback.

Meanwhile, policymakers are scrambling to secure inflows of dollars with Prime Minister Shehbaz Sharif’s visit to UAE part of efforts.

Dollar index which measures US currency against six others, rose 0.117 percent at 102.280, having slipped to lowest level since June earlier in session.

US central bank raised interest rates by 50 basis points in December after four straight 75 basis point hikes in year, but said it would need to keep them higher for longer to tame inflation.

Oil prices, a key indicator of currency parity rose, set to gain more than 6 percent for week on solid signs of demand growth in top oil importer China and expectations of less aggressive interest rate rises in United States.

Published in The Daily National Courier, January, 14 2023

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