On Thursday during the morning trade in the interbank market, the Pakistani rupee strengthened by an additional Rs2.19 against the dollar.
According to the Forex Association of Pakistan, the local currency was trading at Rs221.75 per $1 at 9:46am, up 0.98 percent from yesterday’s close of Rs223.94 .
The rupee has been strengthening since Sept. 22, when it nearly hit an all-time low of Rs239.71. In the last nine sessions, it has increased by Rs15.77 or 6.58 percent.
The announcement of approximately $2.3-2.5 billion in help from the Asian Development Bank (ADB) and forecasts of a sustained drop in imports were two of the factors listed by FAP Chairman Malik Bostan as contributing to the rupee’s gain.
“Pakistan has begun receiving money for flood relief from all across the world… It is anticipated that the burden on the import bill would decrease, and if it does, money can be allocated.
Boston claimed that the market anticipated tough action against banks involved in speculation and that as a result, investors were unloading their dollars, which decreased demand for the dollar.
The FAP Chairman observed that imports fell in September and that the central bank was anticipated to keep interest rates unchanged. He claimed that would help the rupee gain even more strength.
