In the wake of the US Federal Reserve‘s aggressive rate decision last night, the dollar launched a rebound versus other international currencies. The Pakistani rupee lost 0.23% on Thursday, extending losses for the second day.To end the day at 221.95, the rupee dropped Re0.52. On Wednesday, it lost Re0.78 or 0.35% and finished at 221.43 against the US dollar.
The country’s merchandise trade deficit for the first four months of the current fiscal year decreased by 26.6% to $11.47 billion from $15.62 billion in the corresponding period of the previous fiscal, although this was insufficient to stop the depreciation of the rupee.A Memorandum of Understanding (MoU) on establishing RMB (Chinese currency) clearing arrangements in Pakistan was signed by the State Bank of Pakistan (SBP) and Peoples Bank of China (PBoC), which is another significant development.
