The rupee continued to rally for the fourth consecutive session on Wednesday as the rupee strengthened by 2.01 against the dollar in the interbank market.
Data shared by the Forex Association of Pakistan (FAP) showed that the local currency was trading at Rs 231.9 per dollar at 9:44 am. This equates to an increase of 0.86% from yesterday’s close of Rs 233.91.
FAP Chairman Malik Bustan said that the market is reacting positively to the appointment of Ishaq Dar as the new Finance Minister and strict action is expected against Handi/Hawala networks.
He noted that the dollar, which was earlier about 8 rupees higher in the open market, had fallen by 50 paisa less there than in the interbank market.
Bostan said the import bill is expected to decrease due to the decline in global crude oil prices, which will help reduce the trade deficit.
The FAP chairman called for tough action against banks that “made billions after artificially inflating the value of the dollar”, adding that he hoped such banks would be punished after the return of the Dar. will be given
The rupee, which had fallen to an all-time low of Rs 239.34 on September 22, has been recovering since Friday. It has increased by Rs 5.8 or 2.42% in the last three sessions.
