PKR gains 34 paisa in early trade

October 24, 2022 (MLN): Responding to the most awaited news of Pakistan's exit from the Financial Action Task Force (FATF)'s grey list, the Pakistani Rupee (PKR) started strengthening against the greenback as it appreciated by 34 paisa on Monday in early trade compared to the previous close of PKR 220.84 per USD. 

The local unit was quoted at PKR 220.59/220.99 [9:55 PST] with the trades being reported at 220.50 per USD while in the open market, PKR is being traded at 222/224 per USD. 

The exit from the unwanted grey list has provided much needed reputational boost to the country in the most crucial times. Thus, it has managed to lessen the uncertainty in the interbank market. 

FATF lauded the efforts taken by the authorities in Pakistan and acknowledged their efforts to combat money laundering and terror financing in the country.

Hailing the Financial Action Task Force’s (FATF) decision of Pakistan’s removal from the grey list, the business community is of the view that coming out of the watchdog’s increased monitoring process would boost economic activities and help put the ailing economy back on a sustainable growth path.

The decision would restore the confidence of international financial institutions, help attract foreign direct investment, and promote exports from the country besides improving credit ratings for the country.

Meanwhile, on Friday, the Asian Development Bank (ADB) approved the loan of $1.5 billion to promote social protection in Pakistan, which has also created much-needed stability in the market. 

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