PKR continues to rise against greenback; gains 79 paisa

By MG News | November 01, 2022 at 01:07 PM GMT+05:00

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November 1, 2022 (MLN): Dollar in the interbank was trading around Rs220.20 as of 1:00 pm and Rs224 in the open market as the rupee maintained its winning streak against the dollar.

On Monday, the PKR managed to break its losing streak after three consecutive sessions and the currency settled the trade at PKR 220.89 per USD an appreciation of Rs1.58 or 0.72%.

The rupee’s appreciation is due to the following statement by Finance Minister Ishaq Dar which he made during the meeting with Exchange Companies (ECs) and CEOs of commercial banks on Sunday wherein he warned smugglers to stay away from hoarding dollars.

“Those players who are involved in speculation will face burnt as the authorities would take stern action against them”, he added.

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