Dollar depreciates further against rupee, loses Rs1.47 in interbank

The Pakistani rupee continued to gain ground against the dollar on Monday and appreciated by Rs1.47 in the interbank market at the start of the intraday trade.
The Pakistani rupee was trading at Rs218.40 per dollar at 9:50am, up by 0.87 percent from yesterday’s close of Rs219.92.64, 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 Rs18.77 or 7.41% in the last eleven consecutive sessions.
Chairman of the Forex Association, Malik Bostan, said that, “the demand for dollars is decreasing due to the reduction in imports and the acceleration of export foreign exchange by exporters in the country.”
He also demanded the dismissal of the officers involved in the exchange rate manipulation with heavy fines.
He further said that the transaction records of these officials should be checked, the officials involved should be fined double the amount of profit they have made illegally so that future speculations can be prevented.
Malik Bostan expressed hope that the interest rate will remain stable or lower in the coming days and said that the value of the rupee is expected to be more stable in the future.
On the other hand, the new monetary policy will be announced today by the State Bank of Pakistan (SBP).
This will be the first new monetary policy since the new governor of State Bank of Pakistan, Jameel Ahmed, and the new finance minister of Pakistan, Ishaq Dar, assumed their offices.