The rupee is changing hands at Rs 226.75 after having gained 1.70 against the dollar on the interbank market at around 1:00 p.m., up from Friday’s close of Rs 228.45, shows data shared by the Forex Association of Pakistan (FAP).
It is pertinent to mention here that Ishaq Dar’s return home and his subsequent comments about the rupee being too low. as well as the possibility that economic policy will remain stable in the future after he is appointed Finance Minister. It has shifted market sentiment from bearish to bullish on currencies.
As Dar said, strengthening the rupee was his main objective. long time traders [on the dollar] Start selling.
in the same way Exporters began selling large sums of money in advance. Finance minister warns speculators to stop activities And the exporter’s ample dollar helped support the rupee.
during the previous week The local unit earned 11.2 rupees, or 4.9%, against the interbank market dollar. It was the second highest weekly since August 5, 2022, when the currency appreciated 15.3 rupees.