There seems to be a wave of optimism in the country after Pakistan Muslim League-Nawaz (PML-N) leader Ishaq Dar’s arrival in the country and his assumption of the federal finance ministry, which the market is at least positive about. What is the response? On the news and the rupee appreciated by more than Rs 2.63.
According to data released by the State Bank of Pakistan (SBP) on Monday afternoon, the rupee appreciated by 1.11 percent to Rs 2.63.
The rupee closed at Rs 239.65 on Friday. But on Monday, the rupee strengthened to Rs 237.02.
Interbank closing #ExchangeRate for todayhttps://t.co/Cu7jYiAcMn pic.twitter.com/I40wA4ip6m
— SBP (@StateBank_Pak) September 26, 2022
Earlier in intra-day trading at the interbank, the rupee extended its rally, which we saw on Friday afternoon, and returned to around Rs 3.21 as it rose above Friday’s close of Rs 239.65. Tax reached Rs 236.44.
In the first 21 days of September, the rupee lost around Rs 21.11 as the International Monetary Fund (IMF) disbursed Rs 1.1 billion and a rollover of Rs 3 billion by Saudi Arabia amid political instability and widespread He could not cope with the economic crisis. due to flooding.
Open currency market
In the open currency market, the rupee appreciated by around Rs 6.5 against the dollar.
As a result, one US dollar was selling at 238 rupees.
In addition to the strengthening of the rupee in the market, the open currency market seems to be overreacting to the latest restrictions imposed by the State Bank of Pakistan on buying large amounts of US dollars.
Late last week, the central bank issued a notice, banning purchases of more than $2,000 in US dollars or other foreign currency equivalents and routing all such transactions through banking channels. .
