ISLAMABAD
The Pakistani rupee scored a nominal gain against the US dollar in the lackluster interbank market on Wednesday as the local currency gained 10 paisas in value.
According to the data obtained from forex dealers, the Pakistani rupee gained 10 paisas against the greenback and was currently being traded at Rs284.86. On Tuesday, the Pakistani rupee remained largely unchanged against the US dollar, closing at 284.96.
Meanwhile, it was reported that Pakistan is to pay 4% annual profit to Saudi Arabia on deposits of $2 billion with the State Bank of Pakistan (SBP) for a period of one year.
Saudi Arabia had agreed to deposit $2 billion to meet one of the preconditions of International Monetary Fund (IMF) in which Pakistan had been asked to arrange external funding reportedly up to $6 billion.
Separately, for the second consecutive month, Pakistan posted a current account surplus in April 2023 mainly due to a lower import bill. The SBP on Tuesday reported that the country posted a current account surplus of $18 million for the month of April 23 compared to a deficit of $640 million during April 22.
For the second consecutive month, the current account was in surplus; however, the surplus in April is less than the previous month of March, in which the current account posted $750 million.
