KARACHI: The News cited dealers in reporting that the rupee will either maintain stable or slightly rise versus the dollar in the coming days following the favourable feelings resulting from the $13 billion funding assurance from friendly countries.The local currency started the week on a high note as a result of a decline in the real effective exchange rate (REER), which fell from 94.4 in August to 90.9 in September. The local currency traded range-bound versus the US dollar this week.
The State Bank of Pakistan was able to increase the value of the rupee thanks to the decline. Ishaq Dar, the finance minister, claims that the local currency’s actual value is less than 200 to the dollar.The local unit, however, came under pressure in the middle of the week as a result of banks starting to retire $100,000 worth of letters of credit, higher-than-expected inflation, a strong rebound of the US dollar index versus other major currencies, and a very tumultuous political environment.
