US Dollar gains Rs4.90 against Pakistani rupee in interbank market

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KARACHI: Amidst panic triggered by the economic fallout of the global coronavirus outbreak, the United States (US) dollar gained to record levels in the interbank market against Pak rupee, reported on Thursday.

The US Dollar (USD) registered Rs4.90 hike against the PKR bumping its value to Rs166. The US Dollar is being traded in the interbank market at around 166.50 rupees.

The dollar has gained Rs6.50 in the past three days.

The State Bank of Pakistan (SBP) on Tuesday slashed its key interest rate by 150 basis points to 11 per cent in the face of the escalating coronavirus crisis.

The Monetary Policy Committee (MPC) of the country’s central bank in an emergency meeting decided to cut the benchmark interest rate for a second time in a week amid “considerable uncertainty about how the Coronavirus outbreak would impact the global economy and Pakistan,” the SBP said in a Twitter statement.

It said substantial new information on global and domestic developments has become available since the last MPC meeting.

Earlier, on March 17, the State Bank had cut its policy rate by 75 basis points to 12.5o per cent.

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