NEWS DESK
KARACHI: Pakistani rupee marginally declined against the US dollar in the inter-bank market and depreciated 8 paisa on Wednesday.
In the opening hours of trading, the greenback was being traded at 223.25 in the inter-bank market.
Meanwhile, the dollar was being traded at 227-230 in the open market.
Last week, the rupee recorded decline in all five sessions to close at 223.17 against the dollar in the inter-bank market.
The local currency’s depreciation comes amid reports of a further delay in negotiations with the International Monetary Fund (IMF).
Reportedly, the global lender conditioned the arrival of its mission in Islamabad with finalization of macroeconomic framework after necessary adjustments.
Current Account Deficit Shrinks Further
Meanwhile, Pakistan’s current account deficit (CAD) shrank by 46.8% during the first four months of the current fiscal (FY23) year due to a lower import bill and marginal increase in exports. In October alone, the deficit clocked in at $567 million, which is 56% higher on a month-on-month basis. The State Bank of Pakistan (SBP) said earlier Monday that cumulatively, the country’s CAD was recorded at $2.821 billion in Jul-Oct FY23 compared to $5.305 billion in the corresponding period of the previous fiscal year, a decline of $2.484 billion.
