KARACHI: The Pakistani rupee experienced a depreciation of Rs2 against the US dollar in the interbank market on Monday.
The dollar-rupee exchange rate surged to 288 rupees in the inter-bank operations.
Meanwhile, the dollar rate in the open market is currently around 293. This decline in the value of the Pakistani rupee reflects fluctuations in the foreign exchange market. It may have implications for the country’s economy and trade balance.
Since the approval of the IMF loan, the value of the dollar has increased by 13 rupees.
Inflation Eases To 29.4% First Time In Six Months Of 2023
Earlier, the annual rate of inflation eases in Pakistan for the first time in six months. It has reduced to 29.4% in June 2023 from a record high of 38% in May this year.
This decline is linked to reduced demand in the wake of high borrowing costs and a slowdown in price gains due to lower commodity prices.
The biggest slowdown was reported for food & non-alcoholic beverages (39.5% vs 48.7% in May), alcoholic beverages & tobacco (109.5% vs 124%), housing & utilities (11.6% vs 20.5%), and transportation (20.3% vs 53%).
Inflation also decelerated for clothing & footwear (21% vs 22.5%), furnishings, household equipment, routine maintenance (42% vs 43.3%), hotels, cafes & restaurants (36.4% vs 42.3%), recreation & culture (68% vs 72.2%).
