As according Mettis Global, an internet financial data analytics platform, the rupee was just being sold at 238.50 at around 10am, down from last week’s closing price of 239.37.
According to the Forex Association of Pakistan, the PKR gained Rs7 versus the dollar in the meanwhile and was trading at Rs240 about 10am (FAP).
FAP Chairperson Malik Bostan claimed that the government had increased border security to prevent the smuggling of dollars into Afghanistan, where the value of the dollar was higher.
The flow of cash to Afghanistan has ceased, which has a negative impact on the open market, and those engaged in trafficking and speculation have suffered a significant setback in the previous two days.
A day earlier, Miftah Ismail, the finance minister, expressed confidence that the rupee’s pressure, which has recently suffered a severe decline versus the dollar, would improve over the next two weeks.
The minister pledged to make every effort to make sure that the amount of money entering the nation daily outweighs that which is leaving.Ismail predicted that attempts to lower imports would succeed and that the value of the currency would decline. He also predicted that improvements would be noticeable within the following two weeks.
“But I’ll be honest, nobody understands the market. The fundamentals support my belief, but supposition and emotions obviously have an impact.
Separately, the rupee was “completely expected to appreciate” in accordance with a smaller current account deficit and improved sentiment, according to a joint statement from the State Bank of Pakistan (SBP) and the Ministry of Finance.