FATF grey list exit puts Pakistani rupee on resilient mode
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In the backdrop of the auspicious news that Pakistan has come out of the FATF grey list, the Pakistan rupee has once again started treading on the resilient mode against the US dollar which has lost 68 paisa in its value during interbank trading today, reported 24NewsJD TV channel.
According to the forex dealers, during trading activity at the money market by noon on Tuesday, the US dollar was traded for Rs219.70, down by 71 paisa in the interbank. But later in the evening, the US currency was down by 68 paisa and closed at Rs219.73 per Pakistani rupee.
Interbank closing #ExchangeRate for todayhttps://t.co/FT3JxRrsfD pic.twitter.com/ipTrXW8tkD
— SBP (@StateBank_Pak) October 25, 2022
As per the State Bank information, the USD on Monday changed hands at Rs220.41 by the closing time.
Interbank closing #ExchangeRate for todayhttps://t.co/gdADzgeA0K pic.twitter.com/6BnvqJSFqz
— SBP (@StateBank_Pak) October 24, 2022
The Financial Action Task Force (FATF) excluded Pakistan from its grey list on Oct 21.
Removal from the list has provided Pakistan a much-needed boost after the country's sovereign credit rating was downgraded by Moody's. The FATF decision has improved the market sentiment, besides brightening the prospects of foreign direct investment.
The FATF lauded the efforts taken by the authorities in Pakistan and acknowledged their efforts to combat money laundering and terror financing in the country.
Business community in Pakistan has hailed the decision hoping it will restore the confidence of international financial institutions and strengthen rupee.
Meanwhile, the Asian Development Bank has also approved $1.5 billion funds on Friday to promote social protection in Pakistan.
Reporter Ashraf Khan