October 3, 2022 (MLN): Dollar in the interbank was trading around Rs227.35 as of 12:30 pm and Rs229.50 in the open market, according to the data from Mettis Global.
After the news that Ishaq Dar will be a new Finance Minister in Pakistan, and the revised policies of the State Bank of Pakistan for foreign exchange companies, the value of the rupee has appreciated by 5.04% against the dollar.
At around 12:30 pm, the rupee was trading at Rs227.35, an appreciation of Rs0.75 or 0.32% against the greenback, during intraday trading.
Wajid Rizvi, of Intermarket Securities, told MG Link News that a decrease in international oil prices coupled with lowering foreign exchange liquidity demand are the main reasons why the rupee is appreciating today.
He said that "the rupee can gain more strength against the greenback and will likely appreciate to Rs215-220 in coming time.
Moreover, on Friday SBP announced that “In terms of revised regulations, it has been made mandatory for exchange companies, franchises of exchange companies and exchange companies of ‘B’ category to settle rupee consideration of all foreign currency transactions conducted among themselves through their bank accounts”.
