Pakistani rupee stays stable against US dollar in interbank

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2023-10-20T21:19:05+05:00 News Desk

The Pakistani rupee recorded another appreciation against the US dollar in the interbank market on Friday, but could not hold on it later in the day, reported 24NewsHD TV channel.

According to the State Bank of Pakistan, the local currency edged up by only one paisa against the greenback and ended teh day at Rs278.80.

On Thursday, the Pakistani rupee had registered a significant improvement against the US dollar, appreciating by 0.53 percent and had settled at 278.81.

In a related development, the State Bank of Pakistan reported an increase in the total foreign exchange reserves held by it during the previous week ending on October 13, 2023, according to the data provided by the central bank.

As per the data, the foreign exchange reserves held by the State Bank have risen by $67 million reaching a total of $7.714 billion, compared to $7.647 billion just a week prior, on October 6, 2023.

In other news, the country’s current account deficit had declilned to $8 million in September 2023 as compared to the current account deficit of $360 million in the same month in 2022. The country’s current account deficit was $164 million in August 2023.

During the first three months of current fiscal year FY24 (from July 2023 to September 2023), the country’s current account deficit declined to $947 million as compared to $2.258 billion in the same period last year.

 

Reporter Ashraf Khan

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