The US dollar weakened against the rupee in the interbank foreign exchange market on Wednesday.

The greenback shed 17 paisas to reach Rs283.61 at the closing of the market, as against the closing of Rs283.78 the previous day.

In the open market, the buying of the dollar was recorded at Rs284.3 while it was quoted at Rs287 for selling at the time of filing the story.

It is pertinent to mention that the State Bank of Pakistan (SBP) decided to maintain the policy rate at 22%, the central bank said in a statement a day earlier.

“The decision does take into account the impact of the recent hike in gas prices on inflation in November, which was relatively higher than the MPC’s earlier expectation,” the SBP added.