October 5, 2022 (MLN): Dollar in the interbank was trading around Rs223.65 as of 1:00 pm and Rs224.75 in the open market, according to the data compiled by Mettis Global.
The continuous upward trajectory in the rupee against the greenback has a number of reasons, including the announcement by SBP Governor Jameel Ahmed on Tuesday to take strict action against banks and exchange companies that are involved in exchange rate fluctuations.
Meanwhile, Finance Minister Ishaq Dar warned that exchange rate manipulation must be stopped, and the government is taking every possible action to bring down the rupee at its actual rate which is below Rs200.
In addition, Pakistan's trade deficit decreased by 21% to $9.20 billion in 1QFY23, and import bills decreased last month.
At around 1:00 pm, the rupee was trading at Rs223.71, an appreciation of Rs1.93 or 0.85% against the greenback, during intraday trading.
Fahad Rauf of Ismail Iqbal Securities told MG Link News that according to economic fundamentals rupee will not go below Rs215 because our country does not have adequate reserves, and the inflow of dollars is very less even from friendly countries.
He added, with the increase in global commodity prices it is expected that the dollar will gain strength against the rupee and eventually move to Rs240 again.
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