Web Desk (LTN NEWS): Friday was the sixth day in a row that the PKR kept getting better. During early trading on the interbank market, the PKR gained Rs1.88 against the dollar.
According to the Forex Association of Pakistan, the exchange rate for the local currency was Rs227.75 per dollar at 9:47 a.m., up 0.8% from yesterday’s close of Rs229.63 (FAP).
Alpha Beta Core CEO Khurram Shehzad said that the value of the PKR started going up after strict actions were taken against hundi/hawala networks and banks that were involved in speculation.
“The value of the dollar, which had gone up because of speculation and other artificial means, is going down. Given how fast the greenback is being sold on the curb market, it seems like the dollar’s rate could go down even more,” he said.
Read POL prices to be down from Oct 1
Shehzad said that the market expected the import bill to go down because of foreign aid related to the floods and a drop in oil prices around the world. This would keep the balance of payments from getting worse.
On September 22, the PKR was worth Rs239.94, which was very close to its all-time low. It has been going up since last Friday. In the last five sessions, its value has gone up by Rs10.08, or 4.2%.
Dawn said earlier that people and groups had to sell all of their assets because they were afraid of losing more. This created a lot of money on the open market, which drove down the price of the greenback.
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