Islamabad August 2 2022: Pakistan Rupee appreciate by 38 paisa in the interbank to trade at 238.45 as Pakistan trade deficit plunged 47.9 percent during the month of July to USD 2,589 million.
“The Rupee can overshoot temporarily as it has done recently. However, it moves both ways over time. Government of Pakistan expect this pattern to re-assert itself in the coming period. As a result, the Rupee should strengthen in line with improved fundamentals in the form of a smaller current account deficit as well as stronger sentiment, according to the joint statement issued by Ministry of Finance and State Bank of Pakistan.” Says State Bank of Pakistan and Ministry of Finance in a joint press release.
As per the latest data released, exports stood at USD 2,324 million while Imports were USD 4,913 million during July 2022.
The data showed that exports during July 2022 were 20.2 percent lower than exports of June 2022 and decreased by 0.7 percent compared to exports of July 2021.
The data showed that imports during July 2022 were 37.7 percent lower than imports of June 2022 and decreased by 12.3 percent compared to imports of July 2021.
Moreover, trade deficit also decreased by 20.6 percent during the month of July 2022 when compared with data of the same month last year.
Rupee appreciates 54 paisa in the interbank to 238.83 against dollar in yesterday’s closing.
