Rupee slips as investors await Monetary Policy Committee’s decision next week

KARACHI: The Pakistani rupee on Thursday reversed its uptrend against the US dollar as the investors eye the Monetary Policy Committee’s (MPC) decision regarding the monetary policy announcement due next week.

According to data released by the State Bank of Pakistan (SBP), the local unit closed at Rs176.38 against the greenback in the interbank market.

The local currency closed at Rs176.23 against the US currency a day earlier.

With a fresh decline of 0.09%, the rupee has depreciated by 11.97% (or Rs18.87) since the start of the current fiscal year on July 1, 2021, data released by the central bank revealed.

The rupee has maintained the downtrend for the past eight months. It has lost 15.83% (or Rs24.11) to date, compared to the 22-month high of Rs152.27 recorded in May 2021.

It is pertinent to mention here that the local unit hit an all-time low of Rs178.24 on December 29.