KARACHI: Pakistani rupee on Tuesday continued its winning streak against dollar, gaining Rs0.24 or 0.11% in the interbank market.
The local currency closed at Rs220.65, an appreciation of 0.11 per cent from yesterday’s close of Rs220.89, according to the State Bank of Pakistan.
Interbank closing #ExchangeRate for todayhttps://t.co/nBdMIccDbv pic.twitter.com/D9HsH4qoRx
— SBP (@StateBank_Pak) November 1, 2022
The PKR gained Rs1.58 the day before, reversing losses from the previous week.
According to data published by Mettis Global, the value of the PKR fell by Rs1.6 versus the dollar last week as the PTI started its long march to Islamabad, which analysts said had lowered market sentiment and stoked fears of political instability.
During the previous week, the rupee fell 0.73% against the US dollar. Its reported shortage in the open market and the long-march announcement by Pakistan Tehreek-e-Insaf (PTI) Chairman Imran Khan caused a bit of a stir among official circles.
Ishaq Dar, the federal minister of finance and revenue, announced on Saturday that the government has started making steps to minimize volatility and maintain the exchange rate at its genuine value.
Dar issued a warning that those institutions discovered to be engaging in illegal practices will face harsh punishment. He requested that ECs and banks refrain from manipulating the dollar.
Moreover, the IMF had said last month it would send a team to Pakistan early in November to start the process for the next review of its current program.
“The Fund has been very supportive of Pakistan. We have a program with Pakistan that has been extended and increased in size. This is to help Pakistan deal with a confluence of shocks, starting with the Covid crisis where we provided additional flexibility,” IMF’s Director of the Middle East and Central Asia Jihad Azour had said at the time.
