Against the dollar, the rupee increased by 87 paise in early trade on Monday in the interbank market.
According to Mettis Global, a web-based financial data and analytics platform, the rupee was being traded at 238.50 at around 10am, down from last week’s closing price of 239.37.
Interbank trading
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 involved in smuggling 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 ensure that the amount of money entering the nation daily outweighs that which is leaving.Interbank
Ismail predicted that attempts to lower imports would succeed and that the value of the dollar would decline. He also predicted that improvements would be noticeable within the following two weeks.
“But I’ll be honest—nobody understands the market. I firmly feel that the basics are on my side, but speculation and emotions also come into play.”
