• Download the Constitution of Pakistan
  • Advertise
WRITE FOR US
Economy.pk
No Result
View All Result
  • Economy
  • Politics
  • Technology
  • Education
  • Life & Style
  • Health
  • World
  • Videos
  • Economy
  • Politics
  • Technology
  • Education
  • Life & Style
  • Health
  • World
  • Videos
No Result
View All Result
Economy.pk
No Result
View All Result
Home Business

PKR gains Rs2.54 against dollar in interbank

by Suneela Zulfiqar
August 10, 2022
in Business, Finance
Reading Time: 2 mins read
Rupee continues to sustain losses against US dollar
Share on FacebookShare on Twitter

The rupee jumped by another Rs2.54 against the dollar in the interbank market on Wednesday — an uptrend that has continued for nearly two weeks.

The local currency was being traded at Rs221.50 as of 10:32am, up 1.13 percent from the previous close, according to the Forex Association of Pakistan (FAP).

Zafar Paracha, general secretary of the Exchange Companies Association of Pakistan (Ecap), claimed that the currency was strengthening because interbank market sentiment had shifted.

“There are lots of sellers but not many purchasers. “Supply exists but demand does not in the interbank market,” he remarked.

Paracha explained that importers were holding off on buying dollars until the exchange rate stabilized while exporters, who had previously halted depositing their payments, had started selling them.

“Despite the fact that we haven’t yet received funding from the IMF, we’ve met all of its requirements. By the end of the month, the IMF has promised to send us the funds. Additionally, friendly nations have stated they will provide funds, whether as a loan or an investment.

He also mentioned the United Arab Emirates’ plans to invest $1 billion in a number of Pakistani businesses, claiming that all of these things were beneficial.

The currency dealer added that the market also anticipated an improvement in the political climate. This indicated that the pressure on the rupee will reduce and that it would potentially appreciate to Rs200 against the dollar, Paracha added. The government also indicated that it has the funds to complete all of its obligations this year.

The rupee’s value compared to the dollar has increased in recent sessions, according to Mettis Global Director Saad bin Naseer, due to import compression and anticipated bilateral and multilateral inflows.

“The efforts undertaken by the State Bank of Pakistan (SBP) and the Ministry of Finance to curb the freefall have begun to bear results,” he said. However, Naseer said the central bank should take measures to contain the rupee’s value in the open market where exporters continued to sell the greenback at higher rates.

“The SBP should take measures to ensure that exchange companies do not fleece buyers to make hefty profits,” he added.

According to Tresmark’s head of research Komal Mansoor, “Sentiments have changed their tune in response to the good news flow. We anticipate the market to move toward 222-225 levels despite the rupee’s fair value on the REER index being 205 due to external vulnerabilities and inflation trends.

The rupee had been battered against the dollar for two weeks when, on July 28, it reached its lowest point ever, closing at Rs239.94. Since then, though, this tendency has reversed, with the local currency increasing by Rs15.09, or 6.62 percent, up to August 5.

The rupee gained a record Rs9.59 on August 3, the day that saw the highest increase.

Tags: Exchange Companies Association of PakistanForex Association of Pakistaninterbank marketlatest
Suneela Zulfiqar

Suneela Zulfiqar

Related Posts

Railways to shut down Shalimar Express

Railways to shut down Shalimar Express

Pakistan Railways has decided to shut down Shalimar Express once again due to financial crunch. According to sources, the railway...

COAS Munir meets Saudi counterpart, discusses bilateral security matters

COAS Munir meets Saudi counterpart, discusses bilateral security matters

General Asim Munir, Chief of Army Staff (COAS), met with Saudi Arabia's army chief, General Fayyadh Bin Hamed Al Ruwaili,...

Rupee Keeps Strengthening Against US Dollar

Rupee Keeps Strengthening Against US Dollar

The Pakistani rupee gained another 0.37% against the US dollar during the first hours of trading in the interbank market...

Gwadar Airport’s new inauguration Date unveiled

Gwadar Airport’s new inauguration Date unveiled

The new Gwadar International Airport, built as part of the China-Pakistan Economic Corridor (CPEC), has been delayed by another year....

Pakistan imported food items worth Rs374.98bn in two months

Pakistan imported food items worth Rs374.98bn in two months

Pakistan imported food worth Rs378.98 billion in the first two months of the current fiscal year 2023-24, according to facts...

Cars You Can Buy in Pakistan for the Same Price as an iPhone 15 Pro Max

Cars You Can Buy in Pakistan for the Same Price as an iPhone 15 Pro Max

As the iPhone 15 Pro Max creates excitement throughout the world due to its $999 USD price tag, the expected...

Next Post
Pakistan was headed to Sri Lanka’s ‘default-like situation’ but crisis averted — finance minister

Pakistan was headed to Sri Lanka’s ‘default-like situation’ but crisis averted — finance minister

Recent Posts

  • Gold Rate In Pakistan Today
  • Pakistan’s Caretaker PM Raises Concerns over Indian Hindutva Expansionist Designs
  • India frees Kashmiri leader Mirwaiz Umar Farooq after 4 years
  • Subway Unveils a Flying Restaurant: Serving Sandwiches 1,000 Feet Above the Ground
  • Saudi crown prince says he does not care about ‘sportswashing’ claims

Advertisement

Twitter

Economy.pk

Economy.pk is a source of economic, political, business, finance, health and sports updates.

Categories

  • Economy
  • Politics
  • Technology
  • Education
  • Life & Style
  • Health
  • World
  • Videos

Privacy & Legal

  • Privacy Policy
  • Cookies

Social Media

  • Facebook
  • Instagram
  • Twitter
  • Linkedin
  • About
  • Advertise
  • Contact

© 2023 Economy.pk

No Result
View All Result
  • VIDEOS
  • World
    • Europe
    • Americas
    • Asia
    • Oceania
    • Africa
    • Middle East
  • Finance
  • Politics
  • Business
    • Economy
    • Finance
    • Entrepreneurship
    • Real Estate
  • Technology
    • Cyber Security
    • Mobiles
    • Social Media
  • Education
  • Sports
  • Life & Style
    • Personalities
    • Art
    • Culture
    • History
    • Entertainment
    • Fashion
    • Food
    • Health
      • Environment
      • Fitness
  • Sponsored

© 2023 Economy.pk