Islamabad: The Pakistani rupee continued falling against the US dollar for the fifth consecutive session.
At the end of today’s session, the State Bank said that the local currency depreciated by 0.57% to close at Rs220.66 against the greenback.
Interbank closing #ExchangeRate for todayhttps://t.co/5VPjQDvFv6 pic.twitter.com/F9FZU5C2xQ
— SBP (@StateBank_Pak) August 26, 2022
The fall of the PKR continues despite the reports that the Qatar Investment Authority (QIA) plans to invest $3 billion in Pakistan.
Separately, King Salman issued a directive to invest $1 billion into Pakistan, in confirmation of the Kingdom’s support for the country and its people, Saudi Press Agency reported on Thursday.
Many attribute the ongoing fall of the rupee’s value to the heated political developments taking place within the country.
However, many analysts believe that the rupee depreciation is a temporary phenomenon, as inflows from the International Monetary Fund (IMF) coupled with that coming from Qatar would strengthen the PKR.
Current account deficit shrinks by 44.6% MoM in July
The current account deficit of Pakistan shrank by 44.6% in July, clocking in at $1.21 billion, the State Bank of Pakistan reported on Wednesday.
According to the monthly report published by the Central Bank on the balance of payments, on a Month-on-Month basis, the difference between imports and exports shrank by 44.6% during the first month of the fiscal year 2023 and fell to $1.21 billion from $2.187 billion recorded in June of FY22.
However, on a year-on-year basis, the current account deficit amounted to $359 million in July because $851 million deficit was recorded during the same month last year.
