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KARCHI: Pakistani rupee on Thursday registered further losses against the US dollar, declining 0.23% in the interbank market.
As per the State Bank of Pakistan (SBP), the rupee closed at 221.95 after a depreciation of Rs0.52.
Interbank closing #ExchangeRate for todayhttps://t.co/i25K5Ab9Dm pic.twitter.com/p6C27vztbX
— SBP (@StateBank_Pak) November 3, 2022
On Wednesday, rupee had settled at 221.43 after a depreciation of Re0.78 or 0.35%.
The Pakistan Bureau of Statistics (PBS) said on Wednesday that the country’s trade deficit decreased by 26.59% to $11.469 billion during the first four months of the current fiscal year from $15.624 billion during the same time last year.
Although the decrease in the trade imbalance is good news for the cash-strapped South Asian economy, it was insufficient to stop the rupee’s slide.
Moreover, the State Bank of Pakistan (SBP) and Peoples Bank of China (PBoC) signed a Memorandum of Understanding (MoU) on establishing RMB (Chinese currency) clearing arrangements in Pakistan.