KARACHI – Pakistani rupee witnessed slight gain against the US dollar, moving up nearly 0.08 percent during trading in the interbank market on Wednesday.
The local currency was hovering at 283.73, with an increase of Rs0.19 during the early day trading.
On Tuesday, PKR registered a marginal decline against the greenback and settled at 283.92 as all eyes are on IMF talks that remained stalled for months.
In the latest development, the Consumer Price Index (CPI) based monthly inflation skyrocketed to an all-time high of 36.4% on a year-over-year basis in April 2023 compared to 35.4% in the previous month and 13.4% in April 2022. This is the highest rate of inflation in South Asia.
The headline inflation was expected to remain at elevated levels in the months to come, despite contractionary monetary policy by the central bank.
More to follow…
