US dollar consolidates position against Pakistani rupee; up by 82 paisas
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The US dollar began the day Thursday on a cautious note against the Pakistani rupee in the interbank trading but later it consolidated its postition by gaining 82 paisas in value, reported 24NewsHD TV channel.
According to the forex dealers, the US dollar rose against the rupee by 82 paisas and ended the day at Rs221.50.
Interbank closing #ExchangeRate for todayhttps://t.co/iv8eDvnLTx pic.twitter.com/IhLUnrCwfg
— SBP (@StateBank_Pak) October 27, 2022
The greenback ended Wednesday also on a positive note at Rs220.68.
Interbank closing #ExchangeRate for todayhttps://t.co/6RA1cFVFIx pic.twitter.com/FTtUVqL6Fw
— SBP (@StateBank_Pak) October 26, 2022
The State Bank has also confirmed that it has received $1.5 billion from ADB in value as disbursement of policy based loan for the Government of Pakistan. These proceeds have increased the FX reserves of SBP and will be reflected in the reserves for the week ending 28 October 2022, the SBP added in its tweet.
#SBP has received US Dollar 1.5 billion from ADB in value 26Oct22 as disbursement of policy based loan for the Government of Pakistan. These proceeds have increased the FX reserves of SBP and will be reflected in the reserves for the week ending 28Oct22.
— SBP (@StateBank_Pak) October 26, 2022
Pakistan’s exit from FATF grey list also added to the local currency strong defence against other foreign currencies.
Prime Minister Shehbaz Sharif is also going on his maiden visit to China in November to seek new investments worth billions of dollars and urge Beijing for rescheduling of its debt.
According to the Mattis Global, China’s help could keep the Pakistani rupee continue its momentum in the days to come. Besides this, Pakistan is also expecting $4 billion funds from the ‘friendly countries’ in coming months which is restoring market confidence in the PKR.
Economic experts are advising government to revisit its trade and immigration policies with Afghanistan and Iran in order to stem the flight of dollars to these countries.
Reporter Ashraf Khan