Pakistan rupee sheds value against US dollar,
Islamabad_According to Topline Securities, this is the lowest rate since October 20, 2022, when SPI inflation clocked in at 27.1 percent.
The short-term inflation rose by an all-time high of 48.35pc for the period that ended on May 4.
During the week, out of 51 items, prices of 24 (47.06 percent) items increased, 10 (19.61 percent) items decreased and 17 (33.33 percent) items remained stable.
The items, which recorded an increase in their average prices during the week over the previous include tomatoes (42.25 percent), onions (8.70 percent), potatoes (4.79 percent), wheat flour bag 20 kg (4.05 percent), gur (4.01 percent), sugar (3.48 percent), shirting (3.02 percent), hi-speed diesel (2.95 percent), garlic (1.90 percent), matchbox each (1.66 percent), curd (1.43 percent), pulse mash (1.29 percent), milk fresh (1.20 percent), rice irri-6/9 (0.74 percent), rice basmati broken (0.67 percent), mustard oil (0.59 percent), tea prepared (0.56 percent), long cloth 57″ Gul ahmed/Al Karam (0.51 percent), mutton (0.40 percent), beef with bone (0.39 percent), toilet soap (0.24 percent), powdered milk Nido 390 gm polybag each (0.13 percent), georgette (0.08 percent) and cooked daal (0.04 percent).
The items, which recorded a decrease in their average prices during the week over the previous include bananas (7.51 percent), chicken (2.80 percent), eggs (1.17 percent), LPG (0.96 percent), vegetable ghee Dalda/Habib 2.5 kg tin each (0.74 percent), cooking oil Dalda or other similar brands (sn), 5 liter tin each (0.72 percent), vegetable ghee Dalda/Habib or other superior quality 1 kg pouch each (0.81 percent), pulse masoor (0.47 percent), pulse moong (0.31 percent) and pulse gram (0.24 percent).
The Pakistani rupee suffered loss against the US dollar in the interbank market on Friday,
According to the State Bank of Pakistan, the local currency depreciated by 86 paisas against the greenback which ended the day at Rs277.90.On Thursday, the Pakistani rupee registered marginal appreciation against the US dollar, strengthening 0.13% to settle at 277.04 in the interbank market.
In a key development, foreign exchange reserves held by the State Bank of Pakistan surged by $393 million, clocking in at nearly $4.46 billion as of June 30.
The overall number stands at a critical level at around a month of import cover.
