Pakistani Rupee inflicts crushing defeat on US dollar in interbank



Pakistani Rupee Thursday inflicted a crushing defeat to American currency by gaining Rs5.80 in the interbank trading and reached Rs223.

The US dollar lost record Rs9.58 against the Pakistani Rupee and closed at Rs228.80.

Dollar has been decreased by over Rs15 in last two days.

This come after, imports have dropped 38% MoM, while exports are down 20%. Trade deficit down 48%, as per provisional data.

On the other hand, petroleum sales have declined 26% MoM. Demand slowdown is here.

This should help in curtailing current account deficit and reduce pressure on rupee.

The rupee has recovered after weeks of persistent declines in its value which has been largely attributed to the ease in import payments.

According to the latest data issued by the Pakistan Bureau of Statistics, Pakistan’s merchandise trade deficit for the month of July 2022 clocked in at $2.64 billion compared to a deficit of $4.96 billion in the preceding month, narrowed by 46.77 per cent MoM, that also helped reduce pressure on the struggling rupee.