The Pakistani rupee has appreciated Rs1.43 against the United States dollar since the start of trading on Monday (today).
Pakistani currency depreciated on Friday, the last business trading day of the week. As per the State bank of Pakistan (SBP), the dollar was recorded at an all-time high at Rs175.73 at the closure of the trading.
The seesaw ride of the rupee continues as the local currency was stabilizing for 10 days straight before the rally was halted as the dollar got strong against the rupee for a few days.
But today, the rupee has started to strengthen against the dollar as it is currently being traded at Rs174.30 in the intraday trading market.
Shaukat Tarin. Adviser to Prime Minister on Finance stated that the fall of Rupee is because of “satta mafia”.
Shaukat Tarin further mentioned that the smuggling of dollars to Afghanistan is one major hurdle in the stabilization of the rupee value. The government is trying to bring this under control by implementing strict check and balance.
A major reason for the ups and downs of the rupee value compared to the dollar was because of the IMF agreement news, as well as cash deposits by the Saudi Kingdom.
After the news broke out, the rupee started to gain strength as the price of the rupee stabilized for ten straight days.
But since the announcement of the IMF agreement, there was no further development.
And also no MoU was signed with Saudi Arabia’s government regarding the $3 billion cash deposit and deferred oil petroleum facility.
But, in the previous week, Saudi Arabia Ambassador to Pakistan Nawaf Bin Said Al-Malki mentioned that Pakistan will soon receive the promised financial funds in their State Bank of Pakistan account.
As per the ambassador, MoU between both counties is expected to be signed soon. After which Pakistan will receive a $3 billion deposit in the SBP account.