Current account deficit drops by massive 45%

Pakistan's current account deficit - the difference between the country's foreign expenditure and income - narrowed down by a staggering 45% to $1.2 billion in July.

The development sends positive signals, as it supports the stabilisation of foreign exchange reserves and the rupee against the US dollar.

Pakistan's central bank, the SBP, reported the current account deficit data before financial markets resumed trade on Wednesday.

Accordingly, the rupee managed to recover to around Rs215 against the US dollar in the early hours of the day's trading.