Pakistani rupee sheds more paisas against US dollar
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Pakistani rupee has registered another loss against the US dollar in the interbank trading on Thursday, reported 24NewsHD TV channel.
It was the 12th straight loss by the Pakistani currency against the American dollar.
According to the data provided by the forex dealers, the rupee was down by 17 paisas and ended the day at Rs227.12.
Interbank closing #ExchangeRate for todayhttps://t.co/tPdjhgXaeF pic.twitter.com/97tBLTCNAM— SBP (@StateBank_Pak) January 5, 2023
As per the State Bank of Pakistan (SBP), the rupee was down by one paisa to close at 226.95 on Wednesday.
In a related development, the country’s trade deficit shrank by 32.65% to $17.133 billion during the first half (July-December) of the current fiscal year as compared to $25.438 billion during the same period of last year, said the latest data released by the Pakistan Bureau of Statistics (PBS).
The decline in trade deficit is positive for the cash-strapped economy, which has witnessed a significant drop in its foreign exchange reserves, while the country struggles to obtain funding from international and multilateral lenders.
In addition, the government of Pakistan on Tuesday announced a host of energy-saving measures that were aimed at reducing the energy import bill of the country.
Reporter Ashraf Khan