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Rupee continues to appreciate as Pakistan slowly recovers from currency crisis

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KARACHI: Pakistani currency strengthened on Friday against United States dollar in interbank market as the country slowly recovers from a currency crisis amid hopes of revival of credit program of the International Monetary Fund (IMF).

The local unit traded at 224 after gaining 2.15 intraday. trade. It rose by 2.65 or 1.17%. against in dollar close at 226.15 on Thursday.

Forex traders tied up development to several factors and see how the rupiah consolidates profits, trading 210 per dollar in in next pair of weeks.

“There were no large import payments. in in last a day or two. Exporters go to sell dollars in forward. These factors have increased the supply, supporting rupee, currency dealer said News on Thursday.

“Expectations that the International Monetary Fund (IMF) bailout program will be revived also exacerbation of mood, dealer added.

National Bank of Pakistan (SBP) expects from the IMF board approve the staff agreement with country in third week of August.

Pakistani currency fell best day ever on Wednesday when it rose by 9 rupees. against United States dollar. It strengthened by 4% – highest one-day gain since 1999.

Positive IMF statement, mild dollar demand from importers to make payments, and the sale of dollars by exporters up beaten-down currency.

July trade numbers reduced pressure on rupiah, improving prospects for fragile country current balance.

countries trade deficit also fell 47% mom-on-month to $2.6 billion. in July, driving drop in import.

Total imports fell to $4.9 billion. in July 2022 with $7.9 billion. in the previous month Pakistan Bureau of This is reported by statistics. decline in import was associated with a ban on a little items and reduce oil imports.

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Derrick Santistevan
Derrick Santistevan
Derrick is the Researcher at World Weekly News. He tries to find the latest things going around in our world and share it with our readers.

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