KARACHI: The Pakistani rupee on Tuesday recorded marginal gain against the US dollar with an appreciation of 0.01% in the interbank.
At close, the currency settled at 287.22, an improvement of Rs0.04, as per the State Bank of Pakistan (SBP).
On Monday, the rupee saw a marginal loss in the interbank market, depreciating 0.02% to settle at 287.26.
Meanwhile, Pakistan is not on the agenda of the International Monetary Fund (IMF) Executive Board meetings scheduled through June 29 as the 9th review of the Extended Fund Facility (EFF) program is still pending.
On June 30, 2023, the $6.5 billion IMF program is set to expire, with about $2.6 billion still unpaid.
The next meetings of the IMF Executive Board are scheduled for June 20, 21, 22, 26, 27, 28, and then again on June 29, 2023. Pakistan is not on the agenda for these meetings, although it might be added if the ninth review is deemed successful.
A smaller import bill helped the country’s current account deficit, which was 81% for the first 11 months of the current fiscal year (FY23), drop significantly.
The SBP reports that Pakistan’s current account deficit for the period of July through May of FY23 was $2.94 billion, down from $15.16 billion during the same period of FY22.
