KARACHI: The Pakistani rupee marginally depreciated against the US dollar in the inter-bank market on Thursday.
The local currency depreciated almost 0.04 per cent in the opening hours of trading on Thursday.
During the intra-day trading, the rupee was at 220.98, depreciating Re0.10 or 0.04 % against the US dollar, according to the Forex Dealers’ Association.
On Wednesday, the local currency registered a decline for the sixth straight session against the greenback and closed at 220.88 after going down by Rs1.17.
As per market experts, Rupee’s current deprivation is driven by dwindling reserves and uncertainty vis-a-vis inflow commitments.
The Pakistani rupee continues to depreciate despite assurances of Finance Minister Ishaq Dar to bring down the dollar below 200 against the local currency.
Current Account Deficit
Meanwhile, in another key development, the current account deficit (CAD) declined for the third month in a row, narrowing down to $2.2 billion with a decrease of 37%.
