Karachi: Rupee registered fall against dollar for 19th consecutive session, depreciating 0.08 percent in inter-bank market. As per State Bank of Pakistan rupee declined by 0.19 paisa to close at 228.34. During ongoing fiscal year, rupee has depreciated 10.33 percent against greenback.

A drastic fall in foreign exchange was also reported with State Bank of Pakistan reserves hitting $ 4.3-billion mark after debt repayment of over $ 1.2 billion.

Internationally, dollar fell to seven-month low against major peers while yen spiked to an over seven-month peak as traders ramped up bets that Bank of Japan may make further tweaks to its yield control policy at its meeting this week.

Against basket of currencies, dollar index slumped 0.46 percent to seven-month trough at 101.79 as greenback extended its selloff from last week after data showed that US consumer prices fell for first time in more than 2 years in December.

Oil prices a key indicator of currency parity eased though held near 2023 highs as rising numbers of Covid-19 cases in China clouded prospects for higher demand in at world’s top crude importer as it reopens after ending strict anti-virus curbs.

Published in The Daily National Courier, January, 17 2023

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