Pakistani Rupee remains unchanged after the Pakistan economy posted a current account surplus in October. On the interbank market, PKR was seen quote unchanged against the US dollar, at 156.40 for the fifth consecutive day. During early Asia trading hours, Pakistani Rupee was seen quoted inside its range established by the SBP.
The State Bank of Pakistan (SBP) reported that the Pakistani Rupee was traded at Rs 155.33 against Rs 156.40 in the currency market.
Tthe dollar index was seen trading lower at 97.80 during London trading hours.
According to the Pakistan Bureau of Statistics (PBS), the Current Account Balance printed a positive reading of +$99 million in October. This is versus -$284 million previous readings. Prime Minister Imran Khan hailed his government for its success of reducing the long-prevailing deficits. Pakistan’s current account balanced was lowered into positive territory for the first time in four years.
“For first 4 months of our fiscal year, our current account deficit has fallen by 73.5% compared to same period last fiscal year. Our exports of goods & services in Oct 2019 rose 20% over previous month and 9.6% over Oct 2018. I congratulate our exporters & encourage them to do more,” said Prime Minister Imran Khan on Twitter.
The data showed that the deficit was mainly reduced due to a sharp decrease in imports, which fell to $14.65 billion from $19 billion in fiscal year 2018.
The benchmark equity index Karachi Stock Exchange KSE-100 Index closed up 0.40% at 38564 on Tuesday. Year-to-day the Pakistan stock exchange market is up 4.04%. The Pakistan 10-year government bond yield gapped higher and closed at 11.563 versus 11.297 previous closing rates.
USD/PKR Technical Pattern
On the technical front, the USD/PKR exchange rate is trying to challenge again the unofficial peg established at the 155.00 support level. The worsening market sentiment will keep the Pakistani Rupee exchange rate under pressure.