The Pakistani rupee dropped its anchors and remained relatively stable against the US dollar in the  interbank market on Thursday, reported 24NewsHD TV channel.

According to the State Bank of Pakistan, the local currency went up by 0.03% in the interbank market during the trading on Thursday. The rupee went up by six paisas and ended the day at Rs283.82.

https://twitter.com/StateBank_Pak/status/1654087327944417281

The rupee had registered a marginal gain against the greenback on Wednesday, settling at Rs283.88 in the interbank market.

https://twitter.com/StateBank_Pak/status/1653735607213113344

In a key development, the US Federal Reserve on Wednesday raised interest rates by a quarter of a percentage point and signaled it may pause further increases, giving officials time to assess the fallout from recent bank failures, wait on the resolution of a political standoff over the US debt ceiling, and monitor the course of inflation.

The unanimous decision lifted the US central bank’s benchmark overnight interest rate to the 5.00%-5.25% range.

This was Fed’s tenth consecutive increase since March 2022.

 

Reporter Ashraf Khan