Karachi November 22 2022: Pakistan Rupee gain against dollar after seven consecutive day of losses on expectation of reduction in import bill as oil prices fall more than 6% percent in a week time.
Pakistan Rupee appreciate 57 paisa or 0.26 percent in interbank to trade at 223.09 at PST 11:30 against yesterday closing of 223.66.
Moreover, In Open Market Rupee is trading at 231.15 against dollar at PST 11:30, according to Forex Association of Pakistan.
Oil prices dropped more than 6 percent as global recession worries and concerns about China’s rising COVID-19 case numbers denting demand from the world’s top crude oil importer weighed on sentiment.
Brent crude futures drop $5.93, or 6.3%, to $87.93 and U.S. West Texas Intermediate (WTI) crude futures, drop $7.19, or 8.3%, to $79.73 a barrel in a week time.
Pakistan recorded Current Account Deficit of USD 17.1 billion in fiscal year 2022 as country has spent USD 18.7 billion on import of petroleum products which is 92 percent higher when compared with petroleum import bill of USD 9.7 billion in fiscal year 2021, according to data released by State Bank of Pakistan.
The current account deficit (CAD) fell by 68 percent to USD 567 million in October compared to USD 1,779m in the same month last year on account of steep decline in the imports.
“If CAD continues at the same pace, it will be around USD 5-6 billion for the year, (while) the projected was USD 12bn” says Pakistan Finance Minister Ishaq Dar.
