inter-bank exchange, dollar became 270 rupees against the rupee

china dollar

Currency Update: In the early hours of trading on Thursday, the Pakistani rupee lost 0.53 percent against the US dollar in the inter-bank market.

The rupee was trading at 270.25 in intraday trading around 10:35 a.m., a decline of Rs1.42.

Pakistan’s rupee was under pressure once more on Wednesday, reaching a low of 268.83 after losing Rs0.94, or 0.35%, in value.

The International Monetary Fund (IMF) mission reportedly questioned the Power Division’s top brass for two days in a row about not meeting commitments to increase tariffs, improve sector performance, and limit subsidies to vulnerable domestic consumers. This is a significant development.

In addition, the international lender raised Pakistan’s inflation rate from 19.9% to 21% in 2023, blaming floods and exchange rate depreciation for the increase.

According to data released on Wednesday by the Pakistan Bureau of Statistics (PBS), Pakistan’s headline inflation was 27.6% in January. This is the highest inflation figure since May 1975, when it was 27.8%.

The US Federal Reserve’s statement that it had reached a turning point in its fight against inflation on Thursday gave markets a boost of confidence that the end of its rate-hike campaign is near. As a result, the dollar plunged globally on Thursday.

The Fed’s statement was its first explicit acknowledgement of slowing inflation, coming after its two-day policy meeting, at which policymakers agreed to raise rates by 25 basis points.

Following Federal Reserve Chairman Jerome Powell’s remarks, the dollar fell, and the US dollar index fell to a nine-month low of 100.80 against a basket of currencies.

After falling in the previous session, oil prices, a key indicator of currency parity, rose on Thursday as a result of a weaker dollar and the OPEC+ decision to roll over an output cut to ease concerns about oversupply.

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