On Friday, the rupee rose for the ninth straight session, rising by Rs3.39 inside the interbank market.
As reported by the State Bank of Pakistan (SBP), it PKR finished at Rs215.49 per dollar, up 1.57 percent.
Mettis Global Director Saad bin Naseer believes the rupee’s growth is due to exporters, who previously held their dollar revenues abroad, now bringing their profits back into the country as the local currency rises.
Demand for the dollar, on the other hand, has been muted as a result of the government’s move to keep imports in line.However, Naseer warned that any unfavourable political news could cause the rupee to plummet again.
“Political stability is required for the upward trend to continue, or else the rupee will lose all of its gains.”
Zafar Paracha, General Secretary of the Electronic Companies Association of Pakistan (Ecap), agreed. He stated that the producers had previously ceased bringing their earnings into Pakistan but were now offloading their dollars, while the importers, who had previously been concerned and purchasing the greenback for future forwards, had stopped doing so.
