KARACHI: The Pakistani rupee on Wednesday continued its losing streak against the US dollar for the fourth successive session, depreciating 0.27%.
At close, the currency settled at 283.80, a decrease of Rs0.76, as per the State Bank of Pakistan (SBP).
On Tuesday, the rupee sustained losses against the US dollar for the third successive session, depreciating another 1.34% to settle at 283.04 in the inter-bank market.
In a key development, the Asian Development Bank (ADB) has said Pakistan’s economic growth in the fiscal year 2023 remained lower than expectations.
The projection was hindered by tighter monetary and fiscal measures to protect macroeconomic stability, widespread inflation, and considerable flooding damage, according to Asian Development Outlook (ADO) July 2023.
However, it maintained forecast for Pakistan’s economy in FY2024 on the assumption that external and domestic conditions improve.
