Karachi September 9 2022: Pakistan Rupee recover some of the intraday losses to close at 228.18 in interbank as food prices come down in the recent week.
However, rupee depreciates in interbank for the sixth consecutive day on FBR decision to declare dollars on inbound flights and higher demand for vegetables due to torrential rains and floods creates dollar shortages.
Pakistan Rupee depreciates 2.76 in interbank to close at 228.18 against the dollar. During the week, Rupee has lost 4.2% or 9.2 rupee against dollar in interbank. In open market dollar is at 233.5 at PST 14:50, according to forex association of Pakistan.
Pakistan Household Inflation measured by the SPI for the current week ended on 08 th September, 2022 recorded a decrease of 0.58% as decrease is observed in the prices of food items, Onions (41.99%), Tomatoes (8.11%), Bananas (2.51%), Pulse Masoor (1.37%), Vegetable Ghee 1Kg (0.55%), Cooking Oil 5 litre (0.33%), Mustard Oil (0.16%) and Vegetable Ghee 2.5Kg & Sugar (0.11%) each.
To control exchange rate in Open Market SBP has decided that effective September 7, 2022, Exchange Companies shall seek prior approval from SBP for such export of USD currency notes and the Intended date should not be beyond two days from the date of request submission.
The dollar recoiled from recent peaks in Asia on Friday as a hawkish rate hike from the European Central Bank lifted the euro and investors looked to U.S. inflation data early next week. The U.S. dollar index last traded 1.12% lower at 108.48, after scaling a 20-year high of 110.79 earlier in the week. It's heading for a weekly drop of 1.1%, reported by Reuters.