Web Desk(LTN News): In the opening hours of trade on Thursday in the interbank market, the rupee increased by Rs2.62 against the dollar.
According to information provided by the Forex Association of Pakistan (FAP), the PKR had increased 1.12% from yesterday’s close of Rs232.12 to Rs229.5 per dollar as of 11:30 am.
The rupee has been recovering for the past five sessions in a row since it nearly hit an all-time low of Rs239.94 on September 22. Since Friday, it has been increasing, with its value rising by Rs7.59, or 3.2 percent, over the previous four days.
According to Zafar Paracha, general secretary of the Exchange Companies Association of Pakistan (Ecap), emotions have shifted primarily as a result of Ishaq Dar’s reappointment as finance minister, which has caused the rupee to be on the rise.
“The rupee was weakening earlier despite news of funds from the World Bank and Asian Development Bank among others. Overall, the sentiment was negative. Now, there is hope for improvement because of Dar’s reputation for keeping the dollar’s value low and managing the economy better.”
Dar, who has previously held the position of finance minister three times, is best known for coercing the central bank into extensively injecting foreign currency into the market to support the rupee and maintain the value of the dollar at about Rs90.
Due to the terms of Pakistan’s acceptance of a market-based currency exchange regime under the IMF’s ongoing program, Paracha acknowledged that the country’s economic situation had changed.
“Dar cannot fix the dollar. He will face difficulties … but it has to be seen what long-term policies he introduces.”
He recommended that the government boost exports, cut back on imports, and review its trade and immigration policies with Iran and Afghanistan because they depleted the nation’s foreign exchange and reserves.
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