The Pakistani rupee recorded its second consecutive day of appreciation against the US dollar in the inter-bank market on Wednesday, settling at 285.39, a slight increase of Re0.13.
However, the rupee’s performance against the dollar in the open market was unchanged on Wednesday, as it remained at 287.50 for buying and 288.50 for selling, according to the Exchange Companies Association of Pakistan (ECAP).
The currency’s performance came amid a downward revision of the GDP growth rate for fiscal year 2022-23 by the National Accounts Committee (NAC), which lowered it to -0.17% from the provisional estimate of 0.29%.
The NAC also announced the introduction of quarterly national accounts to improve the statistical system of the country.
The rupee has lost more than 20% of its value against the dollar since the start of the year, mainly due to the country’s widening current account deficit, rising inflation, and declining foreign exchange reserves.
Meanwhile, the US dollar fell to its lowest level in more than three months against a basket of major currencies, as expectations increased that the Federal Reserve could begin cutting interest rates by early next year. The dollar index dropped to 102.60, eyeing a nearly 4% loss for November, its worst monthly performance in a year.
