Pakistani rupee starts week on positive note against US dollar in interbank

Published: 07:19 PM, 18 Dec, 2023
Business
Pakistani rupee starts week on positive note against US dollar in interbank

The Pakistani rupee started the week on positive note against the US dollar though nominally in the interbank market on Monday, reported 24NewsHD TV channel.


According to the State Bank of Pakistan, the local currency edged up by five paisas against the greenback and ended the day at Rs283.21.



On the last trading day on Friday, the Pakistani rupee had settled at Rs283.26 after an increase of 25 paisas.



The gradual but slow drop in dollar’s rate is impacting other sectors in Pakistan. In a related development, the government over the weekend had heavily slashed the petroleum prices bringing down petrol rate by Rs14 per litre and diesel’s by Rs13.50 per litre.


Separately, the Sensitive Price Index (SPI)-based inflation for the week ended December 14, 2023, increased by over 43 percent on a year-on-year basis.


According to data released by the Pakistan Bureau of Statistics (PBS), the SPI for the said week decreased by 0.06 percent over the previous week due to a decline in the prices of potatoes (12.18 percent), tomatoes (5.18 percent), and chicken (1.19 percent).


 


Reporter Ashraf Khan

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