KARACHI : (Web Desk)- There was no respite from the declining rupee as the Pakistani currency fell to an over 2.5 month low of Rs177.83 against the US dollar in the inter-bank market on Thursday as demand for the foreign currency stood higher compared to its supply in the wake of an increase in import payments.
According to the data released by the State Bank of Pakistan (SBP), the local currency closed at Rs177.62 against the greenback on Wednesday.
The decline was attributed to the provisional numbers of trade deficits that declined by 10% month-on-month during February 2022.
During the month of February, exports stood at $2.81 billion while imports clocked in at $5.90 billion. Cumulatively, the trade deficit increased by 82% to $31.96 billion during the eight months of the ongoing fiscal year 2021-22 (July-February).
After posting a fresh decline of 0.12%, the Pakistani rupee has depreciated by 12.87% (or Rs20.29) since the start of the current fiscal year on July 1, 2021, data released by the central bank revealed.