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Rupee settles at 283.47 against US dollar by gaining momentum

April 25, 2023 at 11:41 am | Economic Affairs

April,20(E. A Report) — Pakistani rupee appreciated 0.15% against US dollar during trading in the inter-bank market on Thursday.
According to the State Bank of Pakistan (SBP), local currency settled at 283.47 with an increase of Rs0.42.
In a key development, Pakistan’s current account posted a massive surplus of $654 million in March against a (revised) deficit of $36 million in February 2023, reported the State Bank of Pakistan (SBP) on Wednesday.
“Cumulatively, the current account deficit reduced to $3.4 billion in July-March FY23 against a deficit of $13 billion in July-March FY22,” the SBP said in a statement.
Development comes after Rupee remained largely stable against US dollar at 283.89 in the inter-bank market on Wednesday as market participants await resumption of the International Monetary Fund (IMF) Extended Fund Facility (EFF), which has remained stalled since last year.
Pakistan’s current account massive surplus is first surplus on a monthly basis since November 2020 when the pandemic had brought the global economy to a standstill.
However, experts believe that maintaining a current account surplus is “unsustainable” in the long run because if Pakistan opens its economy, imports will rise and the deficit will return.
Globally, the US dollar held gains on Thursday after strong US banking results firmed up expectations that the Federal Reserve will keep monetary policy tight for a while longer.
The dollar index, which tracks the currency against a basket of its peers, was little changed at 101.96 after climbing 0.27% on Wednesday.

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