KARACHI: The rupee on Thursday remained largely stable against the US dollar in the interbank as the greenback was trading around Rs239.50.
At around 11:20am, the PKR was being quoted at 239.50 after an appreciation of Rs0.15.
Due to anticipation of an increase in import costs and a strong USD on the global stage, the Pakistani rupee fell against the US dollar on Wednesday for the 14th straight session, ending the day down 0.31% at 239.65.
Despite release of the International Monetary Fund (IMF) tranche of $1.16 billion, the rupee has hit a new low as it approached its all-time low against the US dollar in the interbank market in the last two months.
However, the first two months of this fiscal year (FY23) saw a significant improvement in Pakistan’s current account deficit, which decreased by 19% as a result of higher exports and lower import costs.
The cumulative CAD for the nation was $1.92 billion in July and August of FY23, down from $2.374 billion in the same period of FY22, according to a report released by the State Bank of Pakistan (SBP) on Wednesday evening.
According to the SBP, an 11% increase in exports and a 2% decrease in the import bill are what caused the decrease in the current account deficit.
