Rupee weakens ahead of central bank rate decision

Rupee weakens ahead of central bank rate decision

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Karachi: The Pakistani rupee fell 0.15% against the US dollar on Thursday, ahead of a central bank interest rate meeting on Monday, which is expected to maintain the status quo.

In the interbank market, the rupee traded at 176.49 against the dollar, down from Wednesday’s close of 176.22.

Higher demand for the local currency from importers and insufficient supply from exporters weakened the rupee during the session, a currency trader said.

“We anticipate the local unit to remain stable in the coming days due to some positive developments on the economic front,” he added.

With a fresh decline of 0.15%, the rupee has depreciated by 12.02% (or Rs18.95) since the start of the current fiscal year on July 1, 2021, data released by the central bank revealed.

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