Pakistani rupee slips to 280.27 per dollar

KARACHI: The value of the Pakistani rupee fell slightly on Tuesday. It dropped 0.04 percent, or 10 paisas, to 280.27 against the US dollar in the interbank market. In the open market, the rupee also weakened. It was trading at 282.07, down from 281.98 in the previous session. Currency dealers noted that the decline was due to high demand for dollars from importers. This demand exceeded the inflows from exports and remittances. Despite the rupee's fall, there was some positive news about the current account deficit. Data from the State Bank of Pakistan showed the deficit narrowed to $12 million in February. This is a significant drop from $399 million the previous month. For the first eight months of the fiscal year 2025, the country reported a surplus of $691 million, a big change from a deficit of $1.7 billion during the same period last year. Chase Securities commented that the monthly deficit is now manageable. Additionally, the real effective exchange rate fell to 102.3 in February, indicating improved external competitiveness for the rupee.