Pakistani rupee, US dollar stay even in interbank market

Published: 12:50 AM, 21 Jun, 2023
Business
Pakistani rupee, US dollar stay even in interbank market

The interbank market remained slow on Tuesday with Pakistani rupee scoring a marginal gain against the US dollar, reported 24NewsHD TV channel.

According to the State Bank of Pakistan, the local currency gained marginally against the US dollar, appreciating by 0.02% during the trading in the interbank market. The rupee ended the day at 287.22, up by four paisas.

On Monday, the rupee saw a marginal loss against the US dollar in the interbank market, depreciating by 0.02% to settle at 287.26 for the day.

In a key development, reports said that Pakistan is not on the agenda of the International Monetary Fund (IMF) Executive Board meetings scheduled till June 29, as the 9th review under the Extended Fund Facility (EFF) programme remained pending.

Separately, the country’s current account deficit fell sharply, i.e. 81% during the first 11 months of the current fiscal year (FY23) supported by lower import bill.

According to the State Bank of Pakistan (SBP), the country posted a $2.94 billion current account deficit during July-May of FY23 compared to $15.16 billion in the same period of last fiscal year (FY22), depicting a decline of $12.2 billion.

Reporter Ashraf Khan

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