Rupee continues faltering against US dollar; loses Rs1.03 in inter-bank

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rupee us dollar

Karachi: The unrelentless fall of the Pakistani rupee continued for a fourth consecutive session as it further fell by Rs1.03 against the US dollar in the inter-bank market on Thursday.

At the end of the session, according to the State Bank’s tweet, the PKR depreciated by 0.47 per cent to close at Rs219.41 against the greenback.

The fall of the rupee continues despite the reports that the Qatar Investment Authority (QIA) plans to invest $3 billion in Pakistan.

Many attribute the ongoing fall of the rupee’s value to the heated political developments taking place within the country.

However, many analysts believe that the rupee depreciation is a temporary phenomenon, as inflows from the International Monetary Fund (IMF) coupled with that coming from Qatar would strengthen the PKR.

Current account deficit shrinks by 44.6% MoM in July

The current account deficit of Pakistan shrank by 44.6% in July, clocking in at $1.21 billion, the State Bank of Pakistan reported on Wednesday.

According to the monthly report published by the Central Bank on the balance of payments, on a Month-on-Month basis, the difference between imports and exports shrank by 44.6% during the first month of the fiscal year 2023 and fell to $1.21 billion from $2.187 billion recorded in June of FY22.

However, on a year-on-year basis, the current account deficit amounted to $359 million in July because $851 million deficit was recorded during the same month last year.

Read: FDI declines by 43% YoY in July: SBP

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