The US dollar on Tuesday gained six paisas against the Pakistani rupee and reached Rs278.70 in interbank trading.
The Ministry of Finance has released its latest monthly economic update, revealing a significant improvement in Pakistan's economic landscape. The report said ighlights a gradual decrease in the country's inflation rate, which reached its lowest level in 32 months in July 2024, marking a positive economic shift.
In July 2024, the inflation rate dropped to 11.1 percent, a sharp decline from the 28.3 percent recorded in the same month of the previous fiscal year. This drop in inflation is seen as a significant achievement for the government's economic policies, which aim to stabilize the economy and ease the burden on consumers.
Alongside the decrease in inflation, the report also sheds light on other crucial 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.
