Oct. 29 (Bloomberg) -- Pakistan International Airlines Corp., the nation’s largest carrier, said its third-quarter loss narrowed because of lower foreign exchange losses.

Net loss in the three months ended Sept. 30 fell to 5.38 billion rupees ($64.3 million), or 2.51 rupees a share, compared with a loss of 20.4 billion rupees, or 9.79 rupees a share, a year earlier, the Karachi-based airline said in a statement to the stock exchange today. Revenue fell to 22 billion rupees from 22.8 billion rupees.

Pakistan’s rupee fell 2.1 percent against the U.S. dollar in the first-quarter, compared with a decline of 14.3 percent a year ago.

Pakistan International’s shares rose 1.5 percent to 2.75 rupees on the Karachi Stock Exchange as of 1:44 p.m. local time. They have declined 23 percent so far this year.

The airline’s loss in the nine months ended Sept. 30 narrowed to 10.8 billion rupees, or 5.03 rupees a share, from 38.4 billion rupees, or 18.41 rupees, according to the statement. Sales rose to 63.9 billion rupees, from 60.4 billion rupees.

To contact the reporter on this story: Farhan Sharif in Karachi at fsharif2@bloomberg.net.

Last Updated: October 29, 2009 03:54 EDT