Rupee climbs to 1-month high.

KARACHI -- The Pakistani currency continued its upward trajectory for the eighth consecutive working day, gaining 0.37%, or Rs1.11, reaching a fresh one-month high at Rs296.85 against the US dollar in the interbank market on Friday.

This sustained recovery is poised to have a substantial impact on import prices, potentially leading to a reduction in imported inflation, particularly in the energy and food sectors.

The currency's resurgence comes on the heels of a significant drop in the current account deficit (CAD), which plummeted by 79% to $160 million in August, compared to both July and August 2022. This suggests an increase in the supply of foreign currency in the market relative to demand.

Recent data reveals a robust 14% month-on-month surge in export earnings and a 3% improvement in workers' remittances. In contrast, imports increased by 2% in August compared to July.

With this latest surge, the currency has cumulatively regained 3.45%, or Rs10.25, over the past eight working days, owing to an ongoing crackdown on currency and gold smugglers and hoarders nationwide.

The All Pakistan Sarafa Gems and Jewellers Association (APSGJA) refrained from issuing daily gold prices for the third consecutive working day on Friday. They announced their intention to resume daily price...

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