WhatsApp Logo Subscribe
For News Alert

News

Rupee keeps on growing stronger against US dollar

October 3, 2022 01:18 PM


Twitter Share Facebook Share WhatsApp Share

The rupee continued to gain against the US dollar as the greenback lost Rs1.16 in its value in the interbank trading on Monday, reported 24NewsHD TV Channel.

According to the forex dealers, the rupee continued its upward trajectory during today’s trading activity as the local unit recovered further bringing down the US dollar rate to Rs227.29, down by Rs1.16. The Pakistani rupee was appreciated by 0.51% as compared to yesterday’s rate. 

https://twitter.com/StateBank_Pak/status/1576886431280078848?cxt=HHwWgICpudj2nOIrAAAA

On Friday, the US dollar was closed at Rs228.45.  

https://twitter.com/StateBank_Pak/status/1575799066591518720

The rupee seemed to have cultivated a no-holds-barred demeanor against the US dollar as it kept gaining in interbank trading. The market is upbeat on the Ishaq Dar phenomenon as the recently-installed foreign minister is known for his strong-arming of the State Bank to bring the dollar rate down.

During the last 6 days, the US dollar depreciated by Rs12.65. 

In his presser on Saturday, Dar predicted that the rupee was going to further strengthen in the coming days. 

“Appreciation of the US dollar against Pak rupee is the mother of all evils. Its appreciation against the rupee is artificial and I am telling you that the actual value of the rupee has been manipulated,” he emphasized. 

The recovery of PKR is also attributed to the strict action taken by the government against hundi/hawala networks and banks involved in speculation.

Besides this, the import bill is also expected to shrink on the back of flood-related foreign assistance and a fall in global oil prices, which would prevent the balance of payments situation from getting worse.  

 

Reporter Ashraf Khan 

 



Most Read

  1. Missing young boy found dead at Islamabad’s Trail 5 Missing young boy found dead at Islamabad’s Trail 5
  2. More flights cancelled from Karachi Airport More flights cancelled from Karachi Airport
  3. Prime Minister Shehbaz Sharif declares May 28 as official holiday to celebrate Youm-e-Takbeer Prime Minister Shehbaz Sharif declares May 28 as official holiday to celebrate Youm-e-Takbeer
  4. Janhvi Kapoor flaunts insight on paparazzi ‘celebrity card’ culture Janhvi Kapoor flaunts insight on paparazzi ‘celebrity card’ culture
  5. Veteran actor Talat Hussain passes away Veteran actor Talat Hussain passes away
  6. Rabeeca Khan and Hussain Tareen seal their bond from ‘Best Friends to Life Partners’ Rabeeca Khan and Hussain Tareen seal their bond from ‘Best Friends to Life Partners’

Opinion

  1. Congo coup failed, Malanga killed
    Congo coup failed, Malanga killed

    By Naveed Aman Khan

  2. Hats off to Fatah-II
    Hats off to Fatah-II

    By Naveed Aman Khan

  3. New twist in PTI founder’s strategy towards Military Establishment
    New twist in PTI founder’s strategy towards Military Establishment

    By Salim Bokhari

  4. Revoke the heat stroke
    Revoke the heat stroke

    By Dr Asif Channer

  5. Defiance, sacrifice & national resilience
    Defiance, sacrifice & national resilience

    By Naveed Aman Khan

  6. Maryam Nawaz Sharif's Police Uniform: Breaking Gender Stereotypes, Not Minds
    Maryam Nawaz Sharif's Police Uniform: Breaking Gender Stereotypes, Not Minds

    By Alysha Khan