ISLAMABAD: Pakistan’s rupee registered losses against the US dollar in the inter-bank market, and depreciated 0.23% on Thursday. The decline comes as the US dollar rises high against other currencies after Federal Reserve delivered another steep interest rate increase last night.
At around 12pm, the rupee was being quoted at 221.95, a depreciation of Re0.52 against the greenback, during intra-day trading.
On Wednesday, rupee had settled at 221.43 after a depreciation of Re0.78 or 0.35%.
In a key development, the country’s trade deficit narrowed down by 26.59% to $11.469 billion during the first four months of the current fiscal year compared to $15.624 billion during the same period of last year, said Pakistan Bureau of Statistics (PBS) on Wednesday.
The reduction in trade deficit is positive news for the cash-strapped South Asian economy.