PKR- US$ Exchange Rate Closes At PKR 128

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.