Rupee gains significant ground against USD, trades at Rs230.98 | The Express Tribune
The Pakistani rupee had its first major rally at Rs 7.40 (or 3.10%) to hit a one-week high of Rs 230.98 against the US dollar on the interbank market on Wednesday.
The national currency closed at Rs 238.38 against the greenback on Tuesday.
Earlier, the rupee touched an all-time low of 239.94 rupees last Thursday (July 28), after depreciating 13.75% (or 31.31 rupees) in 10 working days. previous work.
The rupiah appreciated after Pakistan announced that its trade deficit nearly halved to $2.64 billion in July from $4.96 billion in June.
Read: Miftah lost Concerned that the rupiah will improve in the coming weeks
The trade deficit decreased significantly thanks to lower imports, leading to a decrease in demand for the greenback in the domestic market.
The International Monetary Fund (IMF) has also announced that Pakistan has met all the prerequisites for the resumption of its lending program.