November 07, 2022 (MLN): Pakistani rupee appreciated by 26 paisa against the US Dollar in today's interbank session as the currency closed the day's trade at PKR 221.66 per USD, against last session's closing of PKR 221.92 per USD.
The rupee endured a volatile trading session with quotes being recorded in a range of 0.4 rupees per USD showing an intraday high bid of 221.99 and an intraday Low offer of 221.7.
While speaking to MG Link News, Adil Jilani, a renowned Economist said that the Pak Rupee has somewhat restored its value vs USD in anticipation of $8.8 billion in financial support from China including $3.3bn from China's commercial banks & $1.45bn additional financing in FY23.
In addition, $4.2bn from Saudi Arabia including the oil facility.
He added the timing of such inflows is of critical nature. The materialization of the above inflows will boost Pakistan's forex reserves & recover the exchange rate.
However, the sustainability of the exchange rate is largely dependent on the responsiveness of external accounts against the timing of committed inflows, expected increase in imports, deterioration in exports & remittances, and ongoing economic slowdown.
Within the Open Market, PKR was traded at 225/227.50 per USD.
On another note, the State Bank of Pakistan conducted an Open Market Operation today, in which it moped up Rs127.5 billion from the market for 4 days at 14.95%
