ISLAMABAD, May 04 (NNI): The Pakistani rupee dropped its anchors and remained relatively stable against the US dollar in the interbank market on Thursday.
According to the data obtained from the forex dealers, the local currency went up by 0.03% in the interbank market during the early trading on Thursday. The rupee went up by eight paisas and was currently being traded at Rs283.80.
The rupee had registered a marginal gain against the greenback on Wednesday, settling at Rs283.88 in the interbank market.
In a key development, the US Federal Reserve on Wednesday raised interest rates by a quarter of a percentage point and signaled it may pause further increases, giving officials time to assess the fallout from recent bank failures, wait on the resolution of a political standoff over the US debt ceiling, and monitor the course of inflation. The unanimous decision lifted the US central bank’s benchmark overnight interest rate to the 5.00%-5.25% range. This was Fed’s tenth consecutive increase since March 2022. NNI
