ISLAMABAD:- The US dollar depreciated by almost Rs7.38 against Pakistani currency for the fourth successive session during intra-day trade in the inter-bank market due to major decline in current account deficit in July 2022.
During Wednesday’s intraday trade, the dollar lost Rs7.38 and was being traded at Rs231 against the rupee, down from 238.38 from Tuesday’s close in the interbank.
The dollar started losing ground on Friday after the rupee ranked among the world’s worst performing currencies plunged for 10 straight sessions during the last days of July and depreciated around 5% just last week.
Analysts says that the depreciation in US dollar against local currency was mainly due to shrinking in traded deficit of July 2022 as government has successfully controlled import bill from $7.6 billion to $4.91 billion in July as compared to June 2022.
The shows the imports have plunged by 38.3% over the previous month as a sizable cut in imports was witnessed after the government banned a number of luxury items to manage the shortage of dollars in the economy.