The trade deficit has widened by 55.7% in the year to June 2022 in dollar terms as imports grew by 24%, according to data from Pakistan’s Bureau of Statistics. The country’s imports have soared in the post-pandemic recovery. Pakistan is a consumption-based economy, relying on imports of commodities such as plastic, steel and chemicals for its manufacturing industry. ![]() These all determine the country’s attractiveness as an investment destination and the potential for the currency to rise in value. The value of a currency tends to be driven by the issuing nation’s economic growth, monetary policy such as interest rates, and cross-border trade balance. The number of rupees needed to buy one dollar reached a record high of 233.38 on 26 July. In forex trading, the US dollar/Pakistani rupee currency pair represents how much of the quote currency – the rupee – is needed to buy one unit of the base currency – the US dollar. ![]() What drives the value of the currencies and what is the outlook for the rupee? In this article we look at the performance of the Pakistani rupee against the US dollar and the latest USD/PKR prediction. The rupee has gained 10.6% against the dollar from the low on 28 July, although it remains down by around 19% since the start of the year, with strength in the greenback creating a challenging environment for emerging markets currencies. The Pakistani rupee ( PKR) has bounced against the US dollar ( USD) after plunging to a record low in late July, when it experienced its worst weekly fall since 1998 as a consequence of a shortage in foreign currency reserves, slowing economic growth and political instability. USD/PKR forecast: will the rupee continue to weaken?.PKR accelerates slide against USD in 2022. ![]() US30 US Wall Street 30 (USA 30, Dow Jones)
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