For the tenth session in a row, the Pakistani rupee strengthened against the dollar on Thursday, rising 2.19 at the start of intraday trading on the interbank market.As the market began today, the dollar was trading at Rs221.75 after losing 2.19.The previous day, it was closed at 223.94 per dollar.
According to market watchers, the dollar fell on expectations of inflows, positive trade data, and speculations that the new foreign minister would be able to control the US currency successfully.
The rupee was underpinned, in Samiullah Tariq’s opinion, by recent favourable trade balance data and expectations from multilateral institutions of new inflows.Samiullah Tariq is the head of research at Pak-Kuwait Investment Company.
The 215-220 per dollar range appears to be a nice level, he continued.
The rupee’s actual value was less than 200, according to Finance Minister Ishaq Dar, and it will be devalued because it is now overvalued. further supported the currency as exporters’ sales kept the market’s supplies rising and the mood positive.
The National Assembly’s Standing Committee on Finance was notified that action would be taken against banks by the governor of the State Bank of Pakistan (SBP).The interbank and exchange company rates for the dollar varied significantly, and the committee was interested in learning the names of the eight banks that were allegedly engaged in speculating to profit.
