PKR ‘strengthened’ by 2.9pc against USD in FY2023-24, NA told

ISLAMABAD: The value of the Pakistani rupee (PKR) has strengthened by 2.9 percent against the US dollar (USD) in the current financial year, the Ministry of Finance told the National Assembly (NA), ARY News reported.

To a query put up in the National Assembly, the ministry submitted a written reply, that the Pakistani rupee was under pressure for the past two years due to a weak external account position.

“A current account deficit of $17.5 billion in the fiscal year 2022 was recorded which decreased by $2.2 billion in the fiscal year 2023, the written reply read.

The National Assembly was informed that the Ministry of Finance took steps to control dollar smuggling, stockpiling, and hawala transactions

The reply added that the the Pakistani rupee strengthened by 2.9 percent against the US dollar in the current fiscal year.

Earlier on Tuesday, the Pakistani rupee gained 02 paisa against US dollar during the interbank trading, before being closed at Rs 278.18,.

According to the Forex Association of Pakistan (FAP), the buying and selling rates of the dollar in the open market stood at Rs 277.02, meanwhile, sold at Rs 279.50.