Pakistani currency started the new day with a modest loss to the US dollar in the interbank trading, allowed the greenback to rip through another barrier on Wednesday. For the Pakistani currency, it was the 11th consecutive time it has depreciated against the US dollar. The forex dealers reported that at the outset of the trading session local currency shed another six

paisas enabling the US dollar to top the Rs227 mark. According to the State Bank of Pakistan (SBP), the rupee on Tuesday closed at 226.94 after a drop of 51 paisas in its value or 0.22% against the greenback. During the previous week, the Pakistan rupee registered a cumulative depreciation of 0.35% against the

US dollar in the inter-bank market. The local currency closed at 226.43 against the greenback, taking total depreciation to 22% during 2022. In a key development, the National Security Committee (NSC) it its last meeting on Monday had agreed on undertaking concrete steps including import rationalisation as well as preventing illegal currency

outflows and Hawala business. The participants had vowed to stem the smuggling of dollars. Meanwhile, the Consumer Price Index (CPI)-based inflation had clocked in at 24.5% in December on a year-on-year (YoY) basis, showed data released by the Pakistan Bureau of Statistics (PBS) the other day.

Credit : Independent News Pakistan-INP