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PKR gains 24 paise more per dollar in the interbank market

Web DeskNovember 1, 2022274 comments
Dollar

Web Desk (LTN NEWS): According to the State Bank of Pakistan, the local currency ended the day at Rs220.65, up 0.11 percent from yesterday’s finish of Rs220.89.

Mohammad Sohail, CEO of Topline Securities, said that profit-taking, a drop in the Real Effective Exchange Rate (REER) index in September, and hopes for a new loan from the International Monetary Fund all led to the rupee’s rise (IMF).

The REER looks at how much a currency is worth compared to its major trading partners. A drop in REER means that exports have become cheaper and imports have become more expensive, which means that trade competitiveness has improved.

Alpha Beta Core CEO Khurram Schehzad said that the value of the rupee went up because of hopes that the Chinese government would invest in the China-Pakistan Economic Corridor (CPEC) during Prime Minister Shehbaz Sharif’s visit and take strict action against smugglers.

“If other countries keep saying they’re going to invest, the rupee will rise sharply in the next few days,” he said.

Last month, the IMF said it would send a team to Pakistan at the beginning of November to begin the following review of its current program.

“The Fund has done a lot to help Pakistan. The program we have with Pakistan has been made longer and bigger. IMF Director for the Middle East and Central Asia Jihad Azour said, “This is to help Pakistan deal with a series of shocks, starting with the Covid crisis, where we gave them more flexibility.”

He had said, “We sped up some of our payments to help Pakistan deal with recent shocks, like the rise in food and commodity prices.”

He had said that the IMF was waiting for a report on flood damage from the World Bank and UNDP to see how it would affect public finances, the economy, and society.

“Based on this evaluation, we’ll update our data and talk to the government to find out what their priorities are and how the Fund can help.”

Separately, Pakistan’s Finance Minister Ishaq Dar had asked the IMF and other multilateral lenders to help Pakistan with its policies more. He requested the annual meetings of the IMF and World Bank in October in Washington.

The PKR gained Rs1.58 the day before, making up for losses from the week before.

Last week, the value of the PKR fell by Rs1.6 per dollar, according to data from Mettis Global. This was because the PTI started its long march to Islamabad, which analysts said made investors less optimistic and worried about political instability.

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