KARACHI, August 4(ABC): The Pakistani rupee continued to gain territory against the US dollar for the fifth straight session in the interbank market on Thursday.
The rupee appreciated 2.65 or 1.17% against the dollar to reach 226.15, down from Wednesday’s close of Rs228.80. The rupee gained sharply a day earlier, as the dollar fell by 9.8 or 4.19%.
Exchange Companies Association of Pakistan (ECAP) Chairman Malik Bostan, speaking on Geo Pakistan, said the current government’s promises would take time to complete earlier, but this time around, just a few days after Finance Minister Miftah Ismail mentioned that Pakistan’s import bill will reduce, it actually fell by $2 billion.
Data from the Pakistan Bureau of Statistics (PBS) has shown that 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.
