Monday April 22, 2024

Rupee rises against dollar after Dar's meetings with SBP officials, currency dealers

Local currency gains Rs1.59 against the greenback in the interbank market, closes at 220.88

By Web Desk
October 31, 2022
A person counting 5,000 rupee notes. — AFP/File
A person counting 5,000 rupee notes. — AFP/File 

KARACHI: The Pakistani rupee opened the week on a positive note, recovering against the US dollar on Monday. 

Finance Minister Ishaq Dar's meetings with the State Bank of Pakistan (SBP) officials and currency dealers produced good results as the local currency gained Rs1.59 or 0.72% against the greenback. 

According to the SBP, the rupee managed to close at 220.88 in the interbank market. 

Last week, the rupee lost 0.93% to trade at  222.47 against the dollar. Analysts believed that the local currency would trade range-bound this week.

Speaking to The News,  Pakistan-Kuwait Head of Research Samiullah Tariq said that the meetings of the finance minister with SBP officials and market participants, including banks and exchange companies, have improved market confidence.

Meanwhile, Finance Minister Ishaq Dar warned last week that tough actions will be taken against those found manipulating the exchange rate.

Dar stated that the rupee’s actual value is below the 200 level against the dollar.

He issued a warning to those engaged in currency speculation and hoarding, predicting that the rupee will soon appreciate against the dollar.

“Where the rupee is at the present is not the right place. The rupee should trade between 180 and 200 to the dollar in the currency market,” he said.