On Tuesday morning, the rate for US Dollar against the Pakistani Rupee stood at Rs281.50 as the interbank exchange rate saw a minor 10-paisa drop at the opening of the trading session.
After a continuous decline in the value of the US dollar against the Pakistani currency for five weeks, there has been an increasing trend over the past two weeks.
Till Tuesday afternoon, the US Dollar kept maintaining its rising trend and saw a jump of 55 paisas in the interbank market to reach Rs281.50.
The greenback closed the trading session for the day with a hike of 52 paisas and settled at Rs281.47 in the interbank market.
Interbank closing #ExchangeRate for todayhttps://t.co/WThGvUMTHS#SBPExchangeRate pic.twitter.com/3mMwVVkQyF
— SBP (@StateBank_Pak) October 31, 2023
In the open market on Tuesday, the dollar is being traded at Rs283 after a jump of 50 paisas.
At the end of the trading session on Monday, the US Dollar closed at Rs280.95 after a 38-paisa hike. And in the open market, the currency closed at Rs282.50 after a Re1 increase.
Interbank closing #ExchangeRate for todayhttps://t.co/AAZq6KeObu#SBPExchangeRate pic.twitter.com/DhtKh56Aa6
— SBP (@StateBank_Pak) October 30, 2023
The State Bank of Pakistan (SBP) announced its decision to maintain the key policy rate at 22% in the latest monetary policy committee (MPC) meeting. This move comes in the wake of an IMF review and amidst various economic factors influencing the decision.
The SBP released a press statement stating that the MPC recognized that headline inflation had risen in September 2023 as anticipated. However, the central bank projected a decline in inflation for October and expected it to continue on a downward trajectory, especially in the latter half of the fiscal year.
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