Pakistani rupee sheds more value agaisnt US dollar in interbank
The Pakistani rupee almost held its ground as the local unit slightly shed its value in the interbank trading, reported 24NewsHD TV channel.
As per the money market report, the US dollar appreciated by 18 paisa on Tuesday balancing its exchange rate at Rs225.12 during the end of trading session.
Interbank closing #ExchangeRate for todayhttps://t.co/X5nO5miOiO pic.twitter.com/XPvgCc9YzV
— SBP (@StateBank_Pak) December 20, 2022
On Monday, the local currency remained firm and did not let the US dollar to edge up any further making it to settle at Rs224.96 at the time of closing.
Interbank closing #ExchangeRate for todayhttps://t.co/8qyBEi2fLJ pic.twitter.com/luq9x5VxV6
— SBP (@StateBank_Pak) December 19, 2022
The rupee, somehow, has managed to remain firm on the back of narrowing Current Account Deficit.
On Friday, the State Bank informed that in November 2022, country’s CAD shrank to $0.28bn from $0.57bn in Oct 2022. Cumulatively, during Jul-Nov 2022 it has contracted by more than half to $3.1bn against $7.2bn in Jul-Nov 2021, with imports falling by $4.8bn (-16%) & exports broadly unchanged.
In Nov22, the current account deficit shrank to $0.28bn from $0.57bn in Oct22. Cumulatively, during Jul-Nov22 it has contracted by more than half to $3.1bn against $7.2bn in Jul-Nov21, with imports falling by $4.8bn (-16%) & exports broadly unchanged. Link https://t.co/q3LNv3HgLs pic.twitter.com/wJymqbJqdn
— SBP (@StateBank_Pak) December 16, 2022
The currency experts attributed the PKR stability to strict monitoring of the State Bank of Pakistan (SBP) to prevent outflow of the US dollars.
However, the economy is not out of the wood as exchange rate is under pressure due to demand for import and corporate payments.
Reporter Ashraf Khan