PKR at interbank gains Rs2.16 against the greenback

MG News | September 29, 2022 at 12:57 PM GMT+05:00

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September 29, 2022 (MLN): Dollar in the interbank was trading around Rs229.33 as of 12:45pm and Rs230.50 in the interbank market, according to the data from Mettis Global.

The rupee has appreciated for the fourth consecutive session against the greenback ever since the news of Ishaq Dar becoming the new financing minister replacing Miftah Ismail was reported. So far since Monday, the rupee has gained 4.28% against the greenback.

Mr. Wajid Rizvi of Intermarket Securities while speaking to MG link news said that it is expected that forex reserves will increase after Dar is appointed as the new finance minister of the country.

He said that "the rupee can gain more strength against the greenback and will likely appreciate to Rs222-225 because the country does not have enough reserves for FY23. However, even if reserves increase in the future, I don’t expect that much gain in the rupee”.

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