PKR rises against dollar after speculators warn of action

PKR rises against dollar after speculators warn of action

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Karachi: The pakistani rupee It rose against the US dollar in the interbank market on Friday. It was the sixth consecutive session after Finance Minister Ishaq Dar warned speculators to stop their activities.

The local unit closed at $228.45 per dollar after getting 1.18 today.

It closed at 229.63 per dollar on the interbank market after a 2.49 or 1.08% appreciation against the dollar on a day-to-day basis.

Muhammad Saad Ali, Capital Markets Expert That it was Dar’s warning to dominate the currency market speculation that drove the dollar to weaken.

But depreciation is not limited to warnings. As Pakistan prepares to receive external financial aid in terms of flood relief That will support the exchange rate, Ali said.

A forex trader told The News that, according to a statement by the Finance Minister, no one is authorized to manipulate the foreign exchange market. Currency speculation appears to be declining.

The rupee is gaining popularity due to this.

“Feelings are driving. rupeeThe latest trend. In anticipation that the rupee will increase in the future. Exporters will sell dollars in the market. In addition, the IMF loan program concessions and pledges of assistance from bilateral and multilateral sources due to floods and food crises have strengthened investor awareness about with the rupee,” he added.

A lower current account deficit and slumping global commodity prices also contributed to the increase in the rupee. The current account deficit fell 54 percent to $703 million in August from $1.5 billion a year ago.

The deficit is likely to remain in check due to lower international commodity prices and government administration measures. Inflation is also trending at its highest and is expected to decline in the coming months.

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