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USD to PKR: Pakistani rupee surges against US dollar

Forex dealers say that the rupee fluctuated during business. (Photo: Pixabay)

KARACHI: Pakistani rupee has once again gained further in the inter-bank market.

Pakistani rupee witnessed a massive recovery, registering its biggest day-on-day increase against the US dollar in absolute terms.

The significant recovery in the inter-bank market comes after the International Monetary Fund’s (IMF) statement citing that Pakistan has managed to meet all pre-conditions for disbursement of the next tranche of its bailout programme.

July trade numbers reduced pressure on the rupee, improving the outlook for the country’s fragile current account balance.

The country’s trade deficit also fell 47 percent month-on-month to $2.6 billion in July, driven by a drop in imports. Total imports dropped to $4.9 billion in July 2022 from $7.9 billion in the previous month, Pakistan Bureau of Statistics reported. The decline in imports was attributed to a ban on some items and lower petroleum imports.

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