Rupee holds steady at 176.98 against US dollar

• Rupee value remains unchanged against the US dollar.
• Closes the session at Rs176.98 in the interbank market.
• Pakistani rupee has depreciated by 12.33% since July 1, 2021.

KARACHI: The rupee held steady against the dollar in the interbank market on Thursday despite unmatched demand and supply of the US currency.

According to data released by the State Bank of Pakistan (SBP), the rupee ended at 176.98 to the dollar, unchanged from the previous close.

The Pakistani rupee has depreciated by 12.33% (or Rs19.44) 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 nine months. It has lost 15.68% (or Rs24.71) to date, compared to the 22-month high of Rs152.27 recorded in May 2021.

Investors remained on the sidelines after the news that the Executive Board of the IMF has once again delayed Pakistan's sixth review.

It is pertinent to mention here that the IMF website, which lists its Executive Board Calendar, showed Pakistan's discussion would be taken up on February 2.