Pakistan Rupee Losses most of the Early Gains as Inflation Hit 47 Years High

KARACHI:Pakistan Rupee gains reduces to 33 paisa after opening Rs 1.5 up in the interbank against the dollar as inflation hit 47 years high.

The rupee is trading at 218.42 in interbank at PST 12:39 after hitting high of 217.25 in the earlier session against yesterday closing of 218.75.

Pakistan CPI inflation General, increased by 27.3% on year-on-year basis in Aug 2022, a high of 27 years after 1973, as compared to an increase of 24.9 in the previous month and 8.4% in Aug 2021. On month-on-month basis, it increased by 2.4% in Aug 2022 as compared to an increase of 4.3% in the previous month and an increase of 0.6% in Aug 2021.

Rupee in earlier session gains 1.5 against dollar as SBP receives $1.16 billion from IMF after successful review.

In a statement SBP stated, “Today, SBP has received proceeds of USD 1.16 billion (equivalent of SDR 894 million) after the IMF Executive Board completed the combined seventh and Eight review under the Extended Fund Facility (EFF) for Pakistan.

This will help improve SBP’s foreign exchange reserves and will also facilitate realization of other planned inflows from multilateral and bilateral sources.”