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Pakistani rupee continues winning streak against US dollar
The Pakistani rupee has gained 23.50 against the US dollar since September 5 Pakistani rupee continues winning streak against US dollar
The Pakistani rupee has gained 23.50 against the US dollar since September 5 in the interbank market, extending its winning streak against the greenback to one month today (Thursday).
The local currency has increased by 1.8 against the dollar today, hovering at 283.60 on the interbank market.
On September 5, the interbank market saw the Pakistani rupee fall to 307.10 against the dollar. Following the military-backed crackdown on currency smugglers, hoarders, and speculators, the Pakistani rupee has been recovering ever since.
When compared to Tuesday217;s close of 285.72, the rupee closed the previous day at 284.68 to the dollar, up 0.37%.
Analysts claim that a decrease in the demand for dollars on the black market is what caused the rupee to keep rising.
Samiullah Tariq, the head of research at Pak-Kuwait Investment Company, asserted that the PKR increased in value against the dollar as illegal demand disappeared as a result of the crackdown.
Tariq predicts that in the coming days, the rupee will strengthen to 280 to the dollar. The primary cause of the rupee217;s appreciation, according to Taurus Securities’ head of research Mustafa Mustansir, is the government217;s crackdown on illegal dollar hoarding and grey markets.
“Plus, we believe that the illegal flow of dollars to Afghanistan has also stopped,” Mustansir said. “Further, the restructuring of the exchange companies sector by the SBP has also had a significant impact. Overall, these measures have led to heavy selling of dollars in the open market. I think the rally will continue,” he added.
The outlook for the rupee over the next few months is anticipated to be favorable, but its medium-term course will depend on the state of the country217;s economic fundamentals, particularly the outcome of the IMF217;s review of the stand-by arrangement (SBA) and the status of the foreign exchange reserves. There will probably be an IMF review in 2023, either in late October or early November.
