Rupee Continues to Strengthen Against US Dollar in Intra-Bank Market

During the early hours of trading on Thursday, the Pakistani rupee inched up by almost 0.17% against the US dollar, trading at 283.40, a gain of Re0.49.

Yesterday, the rupee was stable against the US dollar, closing at 283.89 in the inter-bank market. As market participants wait for the resumption of the stalled International Monetary Fund (IMF) Extended Fund Facility (EFF), the market continues to monitor the currency’s performance.

According to the State Bank of Pakistan (SBP), Pakistan’s current account registered a substantial surplus of $654 million in March, the first surplus since November 2020, while the cumulative current account deficit decreased to $3.4 billion in July-March FY23.

However, experts have stated that maintaining a current account surplus in the long run may not be sustainable.

The US dollar held gains on Thursday, with the dollar index remaining little changed at 101.96, due to strong US banking results, which increased expectations that the Federal Reserve would keep monetary policy tight.

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