KARACHI: Rupee weakened further during the previous week as it depreciated Re0.74 or 0.26% against the US dollar. The local unit closed at 283.70, against 282.96 it had closed the week earlier against the greenback, according to the State Bank of Pakistan (SBP).
In line with market expectations, the Monetary Policy Committee (MPC) of the SBP decided to keep the policy rate unchanged at 11%. The MPC noted that the increase in inflation in May to 3.5% year-on-year (y/y) was in line with its expectation, whereas core inflation declined marginally.
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