Karachi July 28 2022: Pakistan rupee continue to drop against the dollar and drop by 3.5 rupee to trade at 239.5 in the interbank as Finance minister indicate delay in IMF board meeting for disbursement of $1.2 billion tranche under extended fund facility amid current account deficit of $17.4 billion for fiscal year 2022.
Rupee in the open market drops 3.5 to 242 against the dollar.
Rupee slips for the tenth day as ruling part lost its majority in the country largest province after three member Supreme Court Bench gives decision in favor of PTI candidate Punjab CM.
As foreshadowed by earlier PBS data, a surge in oil imports saw CAD rise to $2.3bn in June despite higher exports and remittances.
“So far in Jul oil imports are much lower & deficit is expected to resume its moderating trajectory.” says Pakistan Central Bank
Central Bank says, “3.3mn metric tons of oil was imported in June, 33% higher than in May. Together with higher global prices, this more than doubled the oil import bill from $1.4bn to $2.9bn. By contrast, non-oil imports ticked down.”
During the fiscal year 2022, which runs form July to June, country runs current account deficit of $17.4 billion when compared with current account deficit of $2.8 billion in fiscal year 2021.
