Islamabad August 3 2022: Pakistan Rupee appreciate for the fourth consecutive day and recorded highest daily appreciation in absolute terms by rupee 9.58 or 4.19 percent in the interbank to close at 228.8 due to higher export-related payments and optimism the beleaguered nation is inching toward securing the International Monetary Fund bailout.
Pakistan has met the last prior action for the combined 7th and 8th review following the increase in petroleum levy on 31st July 2022, says IMF country representative to Pakistan Esther Perez Ruiz.
The Board meeting is tentatively planned for late August once adequate financing assurances are confirmed.
Dollar in open market falls by Rupee 11 to trade at 230 and Dollar is down by Rupee 15 since high of Rupee 245 in open market. Yesterday, rupee closed at 238.38 in the interbank after appreciation of 0.19%.
Pakistan trade deficit plunged 46.76 percent during the month of July to USD 2,642 million, according to data released by Pakistan Bureau of Statistics.
Significant reduction in trade deficit number will help to narrow down the Current Account Deficit which is the major issue to handle external payments.
As per the latest data released, exports stood at USD 2,219 million while Imports were USD 4,861 million during July 2022.
The data showed that exports during July 2022 were 23.95 percent lower than exports of June 2022 and decreased by 5.17 percent compared to exports of July 2021.
The data showed that imports during July 2022 were 38.31 percent lower than imports of June 2022 and decreased by 12.81 percent compared to imports of July 2021.
However, slower imports will trim revenue collection from customs group of FBR, hinting slower economic growth and lower consumption of products owing to higher prices.
Moreover, trade deficit also decreased by 18.33 percent during the month of July 2022 when compared with data of the same month last year.
