The Pakistani Rupee, which has been steadily recovering against the greenback, gained another Rs3 on Thursday.
The PKR closed at Rs218.88 against the dollar in the interbank market, appreciating by over three rupees or 1.38 per cent, according to the State Bank of Pakistan (SBP).
The rupee’s recovery has been attributed to strong economic fundamentals. Earlier in August the rupee had registered its highest-ever single day gain against the dollar. The rupee closed at Rs228.80, up 4.19 per cent, compared to the earlier day’s close of Rs238.38, according to the State Bank of Pakistan (SBP). The “remarkable recovery is primarily attributed to the improved economic fundamentals as the import bill in July 2022 has been reduced to $4.86 billion, down by 38.31 per cent, compared to $7.88 billion in the previous month” according to Mettis Global. Accordingly, the trade deficit for the outgoing month narrowed to $2.64 billion compared to a deficit of $4.96 billion in the preceding month, witnessing a slump of 46.77 per cent.