Rupee declines further against US dollar

ISLAMABAD: The Pakistani rupee saw a marginal decline against the US dollar as it depreciated 0.17 percent during the opening hours of trading in the inter-bank market on Tuesday.

At midday, the rupee was hovering at 281.43, a decrease of Re0.48 in the inter-bank market.

On Monday, the rupee had depreciated 0.14 percent to settle at 280.95 against the US dollar.

Quick gains reported at PSX on Tuesday morning

Internationally, the US dollar improved 0.7 percent against the Japanese yen, which past the 150 per dollar threshold to hit an intraday low of 150.12. It later pared some of those losses to stand at 149.95.

The State Bank of Pakistan (SBP) announced its decision to maintain the key policy rate at 22% in the latest monetary policy committee (MPC) meeting. This move comes in the wake of an IMF review and amidst various economic factors influencing the decision.