For fifth straight session, dollar continues slump against rupee

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KARACHI: The Pakistani rupee continued to gain territory against the US dollar for the fifth straight session in the interbank market on Thursday.

The rupee appreciated 2.65 or 1.17% against the dollar to reach 226.15, down from Wednesday’s close of Rs228.80. The rupee gained sharply a day earlier, as the dollar fell by 9.8 or 4.19%.

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Exchange Companies Association of Pakistan (ECAP) Chairman Malik Bostan, speaking on Geo Pakistan, said the current government’s promises would take time to complete earlier, but this time around, just a few days after Finance Minister Miftah Ismail mentioned that Pakistan’s import bill will reduce, it actually fell by $2 billion.

Data from the Pakistan Bureau of Statistics (PBS) has shown that imports have plunged by 38.3% over the previous month as a sizable cut in imports was witnessed after the government banned a number of luxury items to manage the shortage of dollars in the economy.

Not only did imports decrease, but exports, too, witnessed a plunge. However, pressure on the rupee eased as the trade deficit reduced by 18.3% to $2.64 billion in July, 2022 against $3.235 billion in July, 2021. In June, 2022, the gap was at $4.96 billion.

Apart from this, Chief of Staff Army (COAS) General Qamar Javed Bajwa recently spoke to US Deputy Secretary of State Wendy Sherman to help expedite the International Monetary Fund’s (IMF) loan programme revival.

Read more: Supreme law-making body’ parliament has authority to change Constitution: SCP

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