ISLAMABAD: The US dollar has suddenly crashed in the inter-bank and open market trading on Wednesday Noon as the dollar-rupee exchange rate fell below Rs227.
On Wednesday the value of US dollar in the inter-bank was around Rs238, which suddenly fell to Rs 226.50 while in the open market the dollar-rupee exchange rate fluctuated around Rs226.
Thus, on Wednesday the US dollar demonstrated the biggest single-day decline of about Rs12 in its value against local currency, which is being seen a good development for economic stability in the country.
This astounding recovery is being linked to the improved economic fundamentals as the import bill in July 2022 has been reduced to $4.86 billion, down by 38.31% MoM, compared to $7.88bn in the previous month.
While compared to the corresponding month the previous year, the imports showed a decline of 12.81% from $5.57bn reported in July 2021, the latest data issued by the Pakistan Bureau of Statistics (PBS).
The trade deficit for the outgoing month narrowed to $2.64bn compared to a deficit of $4.96bn in the preceding month, witnessing a slump of 46.77% MoM.
Analysts said that the IMF’s statement about the fulfilment of all its upfront actions by the government to qualify for the resumption of loan caused a blow to the value of dollar on Wednesday.
