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Pak rupee remains steady against US dollar

Pak rupee remains steady against US dollar

KARACHI: Pakistani rupee remained stable against US dollar both in open market and interbank on Monday, the first trading day.

As per the local currency market, Pakistani rupee remained unchanged at 103.45 and 102.7 in open market and interbank respectively. On Friday, US dollar crossed the barrier set by the State Bank of Pakistan (SBP) and reached Rs103.45 at a six-month high.

In the last three-month period, prices of all goods including oil and its by-products decreased sharply. Crude oil was $112 per barrel in the beginning of this fiscal year. Now it has slumped to around $81 per barrel. The decrease has impacted the entire international market, particularly the oil by-products which have declined between 25 and 30 per cent in the last three months.