PKR- US$ Exchange Rate Closes At PKR 128
Mohammad Ali (@ChaudhryMAli88) Published July 16, 2018 | 08:48 PM
Today, the PKR-US$ exchange rate in the interbank market closed at PKR 128.0 per US$ against the closing level of PKR 121.55 per US$ of the previous day.
KARACHI, (UrduPoint / Pakistan Point News - 16th Jul, 2018 ) :Today, the PKR-US$ exchange rate in the interbank market closed at PKR 128.0 per US$ against the closing level of PKR 121.55 per US$ of the previous day.
This movement in the exchange rates reflects the demand-supply
gap of the foreign exchange in the interbank market, said a statement issued by the State bank of Pakistan (SBP) here on Monday.
As noted in the recent monetary policy statement, FY18 ended with
a real GDP growth at a thirteen-year high level.
However, this high growth has been accompanied with a notable
deterioration in the country's balance of payments, it said.
Despite a double-digit growth in exports (YoY 13.
2 percent in
Jul-May FY18) and a moderate increase in remittances, strong demand
for imports (YoY growth of 16.4 percent in Jul-May FY18) have pushed
the country's current account deficit to the levels not sustainable
beyond the short run.
SBP is of the view that this adjustment in the exchange rate
along with the increased policy rate and other administrative
measures, would help contain domestic demand in general, and reduce
the imbalances in the country's external accounts in particular.
SBP will continue to closely monitor the evolving fundamentals of the
economy, and stand ready to ensure stability in the financial markets.
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