KARACHI: The rupee rose on Thursday for the fifth consecutive session against the dollar after a leadership change at the Ministry of Finance and Finance. Warning From Ishaq Dar to local currency speculators
In the interbank market during intraday trading The dollar depreciated 2.5 to 229.62 per rupee, down from the previous session. session closed from 232.12
The return of Ishaq Dar, a close aide to PML-N supremo Nawaz Sharif as the country’s finance minister, has helped improve confidence and a fall in international commodity prices has weighed on the rupee. more
chatting with Geo.tvDr Kakan Hassan Najib, an economist and former adviser to the Federal Treasury Department, said the first aspect was a shift in market sentiment, driven by a leadership change at the Treasury Department.
“This new team is more conscious about the movement of the rupee. and hence leans towards more organized movements,” the former adviser said.
Second, he noted that some fundamentals have improved. In particular, lower oil prices and other important commodities prices. This may help reduce the amount of imports.
The current account deficit — fortunately — is likely to remain in check due to lower global commodity prices and government administration measures.
Inflation is also trending at its highest and is expected to decline in the coming months.
Dr. Najie added that Confirmation by multilateral lenders – the World Bank and the Asian Development Bank – to expand flood support is a market-supported development.
The economist added that it was quite distant. But the possibility of a reconsideration and easing in some conditions by the International Monetary Fund (IMF) as the impact of flooding is driving positive sentiment towards the rupee.
new financial tsar This encouraged substantial intervention in the currency market in the previous three sessions in the fair. It also claimed that the value of the local authorities was too low. And he will try to control inflation by cutting interest rates.
Dar has also warned speculators not to manipulate the currency markets.