September 26, 2022 (MLN): The dollar at the open market was trading around Rs238 as of 1:15pm and at Rs236.88 at interbank, according to data from Mettis Global.
The recovery in the interbank and open market came on the back of the news of Ishaq Dar’s appointment at the finance ministry. Former finance minister Dar was known for keeping the exchange rate artificially stable through intervention by selling dollars in the market.
The appreciation in PKR against the US dollar is 1.11% from Friday’s close of Rs239.65.
Forex Association of Pakistan Chairman Malik Bostan while speaking to MG link news said that the rupee’s gain was due to the news of Ishaq Dar taking over the finance ministry in the ongoing week.
Meanwhile, additional support was provided by the inflows promised by the World Bank to help contain the impact of devastating floods.
Bostan further added that with today’s appreciation in the rupee, the gap between interbank and open market exchange rates has narrowed significantly. He asked the government to take stern action against credit card payments which have put significant pressure on the rupee.
