KARACHI: Pakistani rupee on Thursday continued its losing streak against the US dollar to the 22nd straight session, as it depreciated 0.10% in the interbank.
As per the State Bank of Pakistan (SBP), the rupee declined by Rs0.24 to close at 229.15. During the ongoing fiscal year, the rupee has depreciated 10.68% against the greenback.
On Wednesday, the rupee had registered a loss for the 21st consecutive session against the US dollar to settle at 228.91 after a decrease of Rs0.25 or 0.11%.
Interbank closing #ExchangeRate for todayhttps://t.co/0VR3B72J5n pic.twitter.com/FQmN0Xw6cx
— SBP (@StateBank_Pak) January 19, 2023
Jameel Ahmad, the governor of the State Bank of Pakistan (SBP), expressed optimism on Wednesday that Pakistan’s foreign exchange reserves position will strengthen as the country is anticipated to experience capital inflows in the coming days.
Ahmad announced that the UAE had extended $2 billion loan and assured businesspeople that imports would be made possible with suppliers’ credit.
In addition, a smaller import bill during the first half of this fiscal year (FY23) led to a significant 60% decrease in Pakistan’s current account deficit.
Moreover, Pakistan’s current account deficit declined sharply 60% during the first half of this fiscal year (FY23) mainly due to a lower import bill.
According to SBP, the current account recorded a deficit of $ 3.67 billion during July-Dec of FY23 compared to $9.09 billion in the same period of last fiscal year (FY22), a decline of $5.42 billion.
