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Interbank rate closes at Rs161.60 against US dollar

Interbank rate closes at Rs161.60 against US dollar

KARACHI: The interbank foreign exchange market ended at Rs161.60 to the dollar on Wednesday falling by Rs2.60 paisas from previous day’s closing, according to closing rate of State Bank of Pakistan (SBP).

Earlier in the day the Pak Rupee massively depreciated by Rs3 in intraday trading after significant outflows of hot money, market sources said.

The sources said that large amount had been taken out by foreign investors from funds invested in domestic debt market.

The central bank a day earlier reduced another 150 basis points to bring the policy rate at 11 percent. The SBP a week ago reduced the policy rate by 75 basis to 12.5 percent from 13.25 percent.

The central bank cumulatively reduced the policy rate by 2.25 percent.

The sources said that the foreign investors were upset on sudden decision of policy rate change by the central bank and resorted to panic selling of treasury bills.