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.
Ishaq Dar's predecessor Miftah Ismail had said country will default in October if IMF programme not revived
Government is targeting various goals for next fiscal year, including GDP growth of 3.5%, reducing inflation and trade...
SBP says reserves have fallen $102 million as of the week ended May 26 due to external debt repayments
Price of gold decreases by Rs5,400 per tola and Rs4,629 per 10 grams
PBS data shows that CPI-based inflation hit 36.4% in April 2023, while it increased 1.6% in May MoM
"Completion of all reviews before June 30 seems impossible and govt has decided against seeking an extension," sources...