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Pakistan's current account posts surplus for third month amid restricted imports

09:42 AM | 20 Jun, 2023
Pakistan's current account posts surplus for third month amid restricted imports
Source: File Photo

KARACHI – Pakistan's current account posted a surplus for the third consecutive month in May with experts linking the development to limited imports.

The cash-strapped nation achieved a current account surplus which stood at $255 million. Data shared by the State Bank of Pakistan (SBP) showed South Asian nation posted a surplus of $255 million this month, compared to $78 million in April 2023.

The current account deficit from July 2022 to May 2023 contracted by 80.5pc to $2.94 billion, the data shared by the central bank revealed.

The huge changes come in the deficit as the Sharif-led government tightened imports owing in the wake of depleting foreign exchange reserves, which stand at around $4 billion.

On the other hand, the stern policy about imports forced industries to shut down partially or even completely, and the growth plunged to merely 0.3pc in the ongoing Fiscal Year compared to 6.1pc in the previous fiscal year.

Daily Pakistan Global Web Desk

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Today Open Market Currency Rates - Pak Rupee to US Dollar, Euro, Pound, Riyal - 23 June 2024

Pakistani rupee rates against US Dollar and other currencies on June 23, 2024 (Saturday) in open market.

USD to PKR Rate Today

US dollar was being quoted at 277.7 for buying and 280.85 for selling.

Euro's buying rate stands at 294.3 and selling rate is 297.9 while British Pound rate is 352 for buying, and 355.5 for selling.

UAE Dirham AED was at 75 and Saudi Riyal at 72.85.

Currency Rates in Pakistan

Currency Symbol Buying Selling
US Dollar USD 277.7 280.85
Euro EUR 294.3 297.9
UK Pound Sterling GBP 352 355.5
U.A.E Dirham AED 75 75.8
Saudi Riyal SAR 72.85 73.6
Australian Dollar AUD 182.2 184
Bahrain Dinar BHD 740.98 748.98
Canadian Dollar CAD 202 204
China Yuan CNY 38.4 38.8
Danish Krone DKK 40.15 40.55
Hong Kong Dollar HKD 35.68 36.03
Indian Rupee INR 3.34 3.45
Japanese Yen JPY 1.9 1.98
Kuwaiti Dinar KWD 908.7 917.7
Malaysian Ringgit MYR 59.07 59.67
New Zealand Dollar NZD 170.98 172.98
Norwegians Krone NOK 26.38 26.68
Omani Riyal OMR 723.75 731.75
Qatari Riyal QAR 76.53 77.23
Singapore Dollar SGD 202 204
Swedish Korona SEK 26.68 26.98
Swiss Franc CHF 315.21 317.71
Thai Bhat THB 7.59 7.74

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