February 7, 2023
Business

Dollar-to-rupee exchange rates have fallen for five sessions in a row

The PKR continues to depreciate against the dollar, losing Rs. 1.12 in interbank

KARACHI: For the sixth session in a row, the Pakistani rupee appreciated versus the US dollar on Thursday during intraday day activity in the interbank market. In relation to the dollar, the rupee increased by 5.79 and closed at Rs. 223, down from Rs. 228.80 on Wednesday. The dollar dropped by 9.8 or 4.19 percent the previous day, which led to a substantial increase in the rupee.

A few days after Finance Minister Miftah Ismail stated that Pakistan’s import bill will decrease, it really decreased by $2 billion, contrary to what Exchange Companies Association of Pakistan (ECAP) Chairman Malik Bostan had earlier claimed.

According to data from the Pakistan Bureau of Statistics (PBS), imports have decreased by 38.3 percent over the past month as a result of the government’s decision to ban a variety of luxury goods in order to address the country’s cash deficit.

Exports also decreased along with the reduction in imports. The pressure on the currency was relieved when the trade deficit shrank by 18.3 percent to $2.64 billion in July 2022 from $3.235 billion in July 2021. In June 2022, the gap was $4.96 billion.

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