Pakistani rupee makes huge recovery against US dollar

Islamabad: The rupee made huge gains against the US dollar in the interbank market on Wednesday, the rupee appreciated more than Rs9 in the intraday trade and is being reported at Rs228 per USD.

The rupee has recovered for a fourth consecutive session after weeks of persistent declines in its value which has been largely attributed to the ease in import payments.

The SBP interbank closing rate recorded Rs228.80 per USD, rupee appreciated 4.19%.

https://twitter.com/StateBank_Pak/status/1554780446625513473

According to the latest data issued by the Pakistan Bureau of Statistics, Pakistan's merchandise trade deficit for the month of July 2022 clocked in at $2.64 billion compared to a deficit of $4.96 billion in the preceding month, narrowed by 46.77 per cent MoM, that also helped reduce pressure on the struggling rupee.