Pakistani rupee appreciated by 4.19 percent against the US dollar in the Interbank Market on August 3, 2022, according to the State Bank of Pakistan (SBP).
The dollar plunged by Rs 9.58 in the interbank trading to close at Rs 228.80.
Earlier on August 2, the dollar ended at Rs 238.38.
The financial analysts say that tightening of imports and much anticipated loan deal with International Monetary Fund (IMF) later this month have played a key role in appreciating the value of Pakistani rupee.
Our efforts to reduce imports have finally borne fruit. Imports in July, per FBR data, were only $5.0b compared to $7.7b in June. Given that we have pulled Pakistan back from the brink of default, our govt is determined to minimise the large current account deficit left by PTI.
— Miftah Ismail (@MiftahIsmail) July 31, 2022
The US dollar was trading at Rs 184.09 on April 1, 2022 and it went on to touch Rs 239.94 on July 28, 2022, appreciating by 30.3 percent, before it began falling.
As per analysts, high global commodity prices and massive imports were main reasons causing depletion of Pakistan’s foreign reserves.
According to the State Bank data, the total liquid foreign reserves held by Pakistan on July 25, 2022 stood at US$ 14.4 billion including US$ 5.8 billion held by Commercial Banks.
Where on March 25, 2022, the Country’s foreign reserves stood at US$ 18.55 billion.
