Thursday February 09, 2023

Rupee’s upward march continues unabated, closes at Rs219.92

Local currency was changing hands at Rs220.50 at around 10am during interbank trade

By Web Desk
October 07, 2022
A currency dealer counts US dollars at a shop. — AFP/File
A currency dealer counts US dollars at a shop. — AFP/File

KARACHI: In view of the expectations of aid inflows from international financial institutions, the Pakistani rupee maintained its upward momentum against the US dollar for the 11th straight session on Friday in the interbank market.

The local unit gained Rs2.02 or 0.92% against the greenback in the interbank market. The dollar closed at Rs219.92 today.

“Bullish sentiment and the expectations of aid inflows from the international financial institutions helped appreciate the rupee,” said a foreign exchange dealer.

“The rupee has been appreciating because of renewed optimism about the economy following the appointment of the new finance minister,” said Mustafa Mustansir, the head of research at Taurus Securities.

The Asian Development Bank (ADB) is likely to approve approximately $2 billion in loans on October 21 to help improve the falling foreign exchange reserves of Pakistan, according to reports.

“However, we have to see how the market will react to the adverse comments from the international rating agency Moody’s on Pakistan’s economic situation,” the dealer added.

A day earlier, in the open market, the local currency gained Rs3.50 to close at 223.50 per dollar, whereas it ended at 221.94 per dollar, compared with Wednesday’s close of 223.94 in the interbank market. It rose by Rs2 or 0.90% on a day-on-day basis.

In the last 10 trading sessions, the local unit has risen by 8% against the dollar.