On Thursday, the Pakistani rupee gained more value against the US dollar. During the morning trade, the value of the local currency was appreciated by Rs2.19. At 9:46 am, the Forex Association of Pakistan (FAP) reported that the rupee traded at Rs221.75. In comparison to the value of yesterday, the dollar has dropped by 0.98 per cent.
Since September 22, when the rupee hit its lowest value of Rs239.71 against the dollar, the local currency has shown a steady recovery. During the last nine sessions, the rupee has gained 6.58 per cent or Rs15.77. Malik Bostan, Chairman FAP, said that announcement of $2.3-2.5 billion by the Asian Development Bank (ADB) and the expectation of a decline in imports have caused the dollar to lose value.
The Pakistan Bureau of Statistics revealed that imports have gone down by 19.72 pc (from $6.56 billion to $5.26 billion). Subsequently, the trade deficit has also declined by 30.26 pc, from $4.15 billion to $2.88 billion.