No respite, Rupee closes at 200.14 against US dollar in interbank market

No respite, after slipping to 201 in inter-bank trading on Friday, Rupee closes at an all-time low of 200.14 against the US dollar.

The rupee’s downfall continues as it dropped 0.07% against the greenback in the interbank market on Friday.

In the open market, the rupee was sold at 202 against the greenback, as per the rates released by the Forex Association of Pakistan.

However, reports indicate that some dealers are selling it at an even higher rate of 203-205 in the market.

For the first time in the history of Pakistan Rupee closed at Rs200 against UD Dollar on Thursday.

On the other hand, Pakistan’s current account deficit has narrowed to 39% month-on-month to $623 million in April on the back of historic high workers’ remittances and a reduction in the import bill.

“Current Account Deficit shrunk to $623mn, on Apr 22; only two-thirds of Mar22 deficit of $1015mn. A rise in workers’ remittances (by $315mn) & a fall in imports (by $246mn) explain this reduction. Cumulatively, CAD reached $13,779mn during Jul-Apr FY22,” State Bank of Pakistan stated.