ISLAMABAD: After a significant improvement last day, the Pakistani rupee witnessed a marginal improvement against the American dollar with an appreciating 0.15% during the opening hours of trading in the inter-bank market on Friday. On the day, the local currency gained Rs-0.41 to close at Rs278.40, as compared to Rs278.81, last day. Last day the local currency appreciated by 0.53 %.
Meanwhile the open market also reacted the same way with slight appreciation of the local currency against the greenback. During the trade the Pakistan rupee in the open market was traded in the range of Rs280 for selling and Rs277 for buying.
Appreciation in Pak Rupee
During last one and a half month, (except last Wednesday) the Pakistan rupee witnessed 28 consecutive recovery session bringing down the value of dollar against local currency from Rs307 to 277 in the interbank and from Rs335 to Rs376 in the open market.
Meanwhile in a related development, the current account deficit of Pakistan decreased to $8 million in September 2023 as compared to the current account deficit of $360 million in the same month in 2022.
In addition, the foreign exchange reserves held by the State Bank of Pakistan (SBP) went up by $67 million on a weekly basis to settle at $7.7 billion as of October 13, as per data released on Thursday.
