Monday’s early activity in the interbank market saw the Pakistani rupee gain Rs1.75 against the dollar, continuing its upward trend.At 11:14am, the PKR was trading at Rs226.7 per dollar, up 0.77 percent from Friday’s finish of Rs228.45.
Since Ishaq Dar took over as finance minister, the rupee has appreciated due to a “shower of positives,” according to Tresmark’s head of research Komal Mansoor.She pointed out that while inflation in September was reported at 23.18 percent compared to estimates of 27 percent, fuel and energy costs had decreased.
$2 to $3 billion in short- to medium-term flood aid was anticipated to come, and the parity was being managed verbally, she noted.The PKR almost reached an all-time drop of Rs239.94 on September 22. Since then, it has been on the rise, with its value rising by Rs. 11.26, or 4.7 percent, over the course of the last six sessions.
Finance Minister Dar foresaw a significant strengthening of the currency in the coming days last week.”The root of all troubles is the US dollar’s appreciation against the Pakistani rupee. I’m telling you that the rupee’s genuine value has been manipulated, and its appreciation versus the rupee is artificial, the minister stated at a press conference on Saturday.
