The US dollar has gained six paisas against the Pakistani rupee in interbank trading, reaching Rs278.70. This development comes as Pakistan’s economic landscape shows signs of improvement, with inflation reaching its lowest level in 32 months in July 2024.
According to the Ministry of Finance’s latest monthly economic update, the inflation rate dropped to 11.1 percent in July 2024, a significant decline from the 28.3 percent recorded in the same month of the previous fiscal year. This decrease in inflation is a testament to the government’s effective economic policies, which aim to stabilize the economy and ease the burden on consumers.
In addition to the decline in inflation, the report highlights other positive economic indicators. Remittances saw a remarkable increase of 47 percent in July, reaching a volume of $3 billion. This influx of foreign currency is a positive sign for the country’s balance of payments and overall economic stability.
Exports also showed a healthy growth of 12.9 percent, recording $2.4 billion in July, while foreign imports rose by 16.3 percent to $4.8 billion. These figures indicate a robust trade activity that is likely to support economic growth in the coming months.
The improvement in Pakistan’s economic landscape is a welcome development, especially after the challenges faced by the country in recent years. The government’s efforts to stabilize the economy and promote growth are bearing fruit, and the decline in inflation is a significant achievement.
However, it is essential to note that the gain of the US dollar against the Pakistani rupee may have implications for the country’s trade and commerce. A stronger dollar can make imports more expensive, which may impact businesses and consumers.
#PakistaniRupee #US #dollarrate
