Rupee falls marginally against US dollar

The Pakistani rupee registered a marginal decline against the US dollar during the opening hours of trading in the inter-bank market on Tuesday.

The American currency reached Rs278.45 in the interbank trading after an increase of 15 paisas.

On Monday, the currency had settled at 278.30 against the US dollar.

The local currency was under pressure due to an uptick in demand for dollars from importers, according to dealers.

“We expect the rupee to trade range-bound in the coming sessions depending on demand and supply of dollars in the market,” a currency dealer said.

Pakistan’s current account deficit fell to a 13-year low in the last fiscal year due to a decline in trade deficit and an increase in remittances. The country recorded a current account deficit of $681 million in FY24, a 79 per cent lower than the previous year’s $3.3 billion gap.