Pakistani rupee stable against US dollar in dull interbank trade

Published: 11:35 AM, 16 May, 2023
Business
Pakistani rupee stable against US dollar in dull interbank trade
Caption: Representational image.

The Pakistani rupee stood its ground against the US dollar in the dull interbank market on Tuesday despite lack of any solid news on the economic front, reported 24NewsHD TV channel.

According to the State Bank of Pakistan, the local currency went up by just one paisa against the greenback as the market desperately looked for direction all the day.

The Pakistani rupee concluded the trading on Tuesday at Rs284.96.

The negligible appreciation comes after the rupee remained largely stable against the US dollar on Monday as well, closing at 284.97 the interbank market.

In a key development, the Large Scale Manufacturing Industry (LSMI) output has declined by 8.11% during July-March 2022-23 when compared with the same period of last year, says Pakistan Bureau of Statistics (PBS).

Separately, inflows of Roshan Digital Account (RDA) had crossed $6 billion mark for the first time since its launching.

According to the State Bank of Pakistan (SBP), cumulatively, RDA inflows rose by $136 million during April 2023. Since its launch, overall investment in the RDA rose to $6.102 billion at the end of April 2023 compared to $ 5.966 billion in March 2023.

Reporter Ashraf Khan
 

Categories : Business Tags :

News Desk