Pakistani rupee edges up slightly against US dollar in interbank

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ISLAMABAD: The Pakistani rupee has managed to maintain its hold with a repeat of gaining slightly against the US dollar in the interbank trading. As per the money market report, the local unit was appreciated by 10 paisas against the greenback during Wednesday’s interbank session where the US dollar was being exchanged for Rs283.45. On Tuesday, the Pakistani rupee registered a small recovery of three paisas against the US dollar which ended the day at Rs283.55 in the interbank. According to money experts, the rupee has resurged a bit following the fact that demand for dollar for imports and other corporate payments has been eased. Besides, country’s current account deficit has also contracted significantly. According to the State Bank of Pakistan, the current account deficit recorded at $3.86 billion during the first eight months of the present fiscal year as compared with the deficit of $12.08 billion in the corresponding period of the last fiscal year. DNA