Karachi August 22 2023: The Pakistan Rupee has experienced a significant decrease in its value against the Dollar, nearing its all-time low in the interbank market.
This decline is attributed to uncertainties surrounding the ability of the caretaker setup to enact reforms and attract foreign direct investment, especially given the recent removal of import restrictions by the central bank.
In the interbank market, the Pakistan Rupee has dropped by PKR 1.62 or 0.5 percent, bringing its trading rate to 298.75 against the Dollar as of 11:48 AM (PST). Notably, during the previous session, the Rupee concluded trading at 297.13 against the Dollar in the same market.
Conversely, in the open market, the Rupee has slipped by PKR 5 against the Dollar, resulting in a trading rate of 313 (PST 12:12). The Rupee’s closing rate against the Dollar in the open market yesterday was 308.
Pakistan’s Current Account Balance (CAB) took a negative turn, reaching USD 809 million in July 2023, following a surplus of USD 504 million in June 2023 as Central Bank remove restriction on imports of goods.
The country’s imports of goods surged to USD 4.2 billion in July 2023, in contrast to the USD 3.1 billion recorded in the previous month. Meanwhile, goods exports remained stagnant at USD 2.1 billion in July 2023, mirroring the figures from the previous month.
