Web Desk(LTN): On Wednesday, the rupee advanced by Rs2.01 against the dollar in the interbank market, continuing its fourth session of advances.
According to information provided by the Forex Association of Pakistan (FAP), the local currency was trading at Rs231.9 per $1 at 9:44 am. This is equivalent to a rise of 0.86 percent from the close of Rs233.91 yesterday.
Director of the financial data and analytics portal Mettis Global, Saad bin Naseer, claimed that there was “panic selling” on the open market and that exporters who had previously kept their profits overseas were now bringing them back to the nation. He said that as a result, the supply side of things had improved, and the interbank market had also benefited.
The interbank market is currently being driven by the open market, he continued.
However, Naseer noted that the rupee was not anticipated to increase significantly because the dollar was strengthening globally. The dollar will continue to fluctuate between 220-225.
“We will import various goods, including wheat and cotton, in the wake of this year’s floods, so the dollar won’t get too cheap after [Ishaq] Dar returns. As a result, imports will continue to be high, putting pressure on the dollar’s value.
, the local currency was trading at Rs231.9 per $1 at 9:44am. This is equivalent to a rise of 0.86 percent from the close of Rs233.91 yesterday.){kind=link}