Pakistani rupee lets US dollar slide further in interbank market

Published: 08:45 PM, 4 Dec, 2023
Business
Pakistani rupee lets US dollar slide further in interbank market

The Pakistani rupee kept its positive momentum going as it went up against the US dollar in the interbank market on Monday, reported 24NewsHD TV channel.


According to the State Bank of Pakistan, the local currency appreciated by 44 paisas against the US dollar and ended the day at Rs284.53.



During the previous week, the Pakistani rupee had saw marginal improvement as it appreciated 0.14% or 40 paisas to settle at Rs284.97 in the interbank market.



It was the third consecutive week that the rupee had appreciated against the dollar, a momentum aided by the announcement of a staff-level agreement (SLA) between Pakistan and the International Monetary Fund (IMF) on first review of the $3 billion Stand-by Arrangement (SBA).


In a key development during the week, the Kingdom of Saudi Arabia had also extended the term for a $3 billion deposit (maturing on December 5, 2023) placed with Pakistan for another one year to support Pakistan’s economy.


In a relatable development, Pakistan’s trade deficit had shrunk 33.59% to $9.38 billion in 5MFY24 on account of a significant reduction in imports, a direct result of administratively controlled measures, according to data released by the Pakistan Bureau of Statistics (PBS).


Moreover, the headline inflation had clocked in at 29.2% on a year-on-year basis in November, higher than the reading in October when it stood at 26.9%. On a month-on-month basis, it was up 2.7%.


 


Reporter Ashraf Khan

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