US dollar loses ground against Pak Rupee in interbank

The American currency with a decrease of 87 paisas reached Rs238.50 against the Pakistani Rupee in the interbank trading Monday.

The last closing of the US dollar was Rs239.37.

The State Bank of Pakistan (SBP) and the Ministry of Finance MoF have issued a joint press release stating five facts about Pakistan’s Strategy for Navigating FY-23.

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Pakistan’s problems are temporary and are being forcefully addressed.

Pakistan’s gross financing needs will be more than fully met under the IMF program.

Important measures have been taken to contain the current account deficit.

Measures are working: import bill fell significantly in July, as energy imports have declined and non-energy imports continue to moderate.

The rupee has overshot temporarily but is expected to appreciate in line with fundamentals over the next few months.