PKR continues winning streak against US dollar for eighth consecutive session
The Pakistan rupee continued to strengthen on Tuesday in the interbank market, surging by Rs1.84 against the US dollar during morning trade for eighth consecutive session.
The Pakistani rupee was trading at Rs225.45 per dollar at 09:42 asm, up by 0.81 percent from yesterday’s close of Rs227.29, according to data from the Forex Association of Pakistan (FAP).
The Pakistani rupee has appreciated by Rs12.42 or 5.35 percent against the US currency in the last seven sessions.
Saad bin Naseer, director of financial data and analytics portal Mets Global, said exchange rate movements in Pakistan are driven by trends rather than economic fundamentals.
“The basics are still the same but the perception has changed which was much needed at such a critical time,” he said.
Saad bin Naseer said that with better management and strict enforcement, it was ‘not difficult’ to bring the value of the PKR to Rs200 per dollar, but considering factors such as the real effective exchange rate and the current account deficit, pushing the exchange rate to the desired level.
He said that the government should ensure the accountability of the speculators without any hesitation.