Rupee inches down, gold stable

The Pakistani rupee experienced a slight dip against the US dollar on Monday, declining by 0.05% in the inter-bank market. By the end of the day, the currency stood at Rs278.57, marking a loss of 15 paisa. Last week, the rupee also saw a modest depreciation, falling by 30 paisa, or 0.11%, in the inter-bank market. According to the State Bank of Pakistan (SBP), the local currency closed the week at Rs278.42, compared to Rs278.12 in the preceding week. Pakistan Forex Association President Malik Bostan attributed the rupee movement to year-end factors, including the repatriation of $320 million in profits by foreign investors in November, with more expected in December. Importers are also settling Letters of Credit (LCs), adding to dollar demand. Germany has raised concern about the delay in opening LCs for electric vehicle imports by Pakistan, while the State Bank continues to clear the maturing LCs.