August 1, 2022 (MLN): The Pakistani rupee (PKR) on Monday managed to gain 87 paisa against the greenback in early trade as the trades were reported at PKR 238.50 per US dollar at around 10:00 am compared to the previous close of 239.37 per USD.

The local unit was quoted at 238.53/239.53 per USD in the interbank market while in the open market, PKR is being traded at 240/244 per USD.

Ahsan Mehanti, Director of Arif Habib told Mettis Global, “Rupee strengthened on account of government decision to lift import ban on non-essential and luxury items imposed in May 2022.”

Meanwhile, speculations over likely current account surplus in July 2022 have also started building confidence in the market, he added. 

On the other hand, Zafar Paracha President of the Exchange Companies Association of Pakistan (ECAP) is of the view that PKR is undervalued as given the economic fundamentals of Pakistan, the local unit should not be traded beyond Rs190 per USD. 

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