*The Pakistani rupee gained 0.68% against the US dollar in the inter-bankmarket on Monday, arresting a decline that saw it reach a nine-month low.*
The PKR closed at 161.23 against the USD, said the State Bank of Pakistan(SBP).The increase comes after days of depreciation that eventually saw therupee land at 162.32, its lowest value since against the USD since October2020.
The Pak rupee has been under pressure since May amid a widening currentaccount deficit and a higher import bill that ballooned $53.8 billion inFY21.
Earlier, Forex Association of Pakistan President Malik Bostan said that therising import bill and increasing current account deficit have put pressureon the rupee. Exporters have not yet converted their proceeds, which hasadded to the pressure on forex markets, added Bostan.
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*Pakistani Rupee’s downward slide continues, closes at 162.32link*
Pakistan did receive its highest inflows from remittances and exportsduring FY21 at $29.3 billion and $25.6 billion, respectively. However,recent pressure on Pakistan’s current account, which ended with a deficitof $1.8 billion in FY21 due to the import bill, has put pressure on thecurrency, say experts.
