The US dollar extended its losses against the Pakistani rupee as the greenback fell by Rs 4.15 at the interbank. According to forex dealers, the local currency gained Rs 4.15 against the US Dollar in the interbank market. At present, banks sold dollar for Rs 236. In the open market the same is being sold for Rs 238 to Rs 240. The rupee fell from Rs 178 against the US dollar in April 2022 to Rs 239.65 in September 2022. A fall of Rs 56.72 in the last 6 months.
Saad bin Naseer, director of financial data and analytics portal Mettis Global, said the rupee’s recovery was a “sentimental reaction” to news that PML-N leader Ishaq Dar was returning to Pakistan to take over as finance minister. “
Dar was renowned for maintaining exchange rate parity during his term as the country’s finance minister. However, the recovery may be temporary if the dollar strengthens in foreign markets and Pakistan’s finance requirements remain unfulfilled.
Meanwhile, FAP Chairman Malik Bostan said the reason for the PKR’s gains was a decline in international crude oil prices. As it had led to expectations of a dip in the import bill, and consequently, the trade deficit.
