Dollar continues downward trend against PKR, reaches to Rs219 in interbank
The Pakistan rupee continued to strengthen on Friday in the interbank market, surging by Rs2.4 against the US dollar during morning trade.
The Pakistani rupee was trading at Rs219.50 per dollar at 10 am, up by 1 percent from yesterday’s close of Rs221.64, according to data from the Forex Association of Pakistan (FAP).
After touching an all-time low of Rs239.94 on September 22, the rupee has appreciated by Rs17.77 or 7.41% in the last ten consecutive sessions.
General Secretary Exchange Companies Association of Pakistan (ECAP) Zafar Paracha said that, due to strict monitoring by regulators and action against speculators, the value of the rupee is improving.
He added that exporters who kept their earnings abroad are now repatriating foreign exchange fearing a further devaluation of the greenback, which is improving supply.
Zafar Paracha said the market expects the State Bank of Pakistan’s (SBP) Monetary Policy Committee to hold or cut interest rates at its meeting on Monday, further strengthening the Pakistani rupee.