Rupee slips as investors await Monetary Policy Committee’s decision next week

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— AFP/File
— AFP/File

KARACHI: The Pakistani rupee on Thursday reversed its uptrend towards the US greenback because the traders eye the Financial Coverage Committee’s (MPC) determination concerning the financial coverage announcement due subsequent week.

In response to information launched by the State Financial institution of Pakistan (SBP), the native unit closed at Rs176.38 towards the dollar within the interbank market.

The native forex closed at Rs176.23 towards the US forex a day earlier.

With a contemporary decline of 0.09%, the rupee has depreciated by 11.97% (or Rs18.87) for the reason that begin of the present fiscal 12 months on July 1, 2021, information launched by the central financial institution revealed.

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The rupee has maintained the downtrend for the previous eight months. It has misplaced 15.83% (or Rs24.11) to this point, in comparison with the 22-month excessive of Rs152.27 recorded in Could 2021.

It’s pertinent to say right here that the native unit hit an all-time low of Rs178.24 on December 29.

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