31 October 2022
business, latest news
Dar’s meetings prove fruitful as the rupee improves against the dollar. Finance Minister Ishaq Dar’s meetings with State Bank of Pakistan (SBP) officials and currency dealers proved fruitful as the Pakistani rupee started the week on a firm footing in the interbank market on Monday.
According to the State Bank of Pakistan (SBP), the local unit rose Rs 1.59, or 0.72%, against the greenback in the interbank market, closing at 220.88.
The rupee had fallen 0.93% to 222.47 against the dollar last week. Analysts expect the local currency to trade in a narrow range this week.
Speaking to a private news channel, Pakistan-Kuwait Research Head Samiullah Tariq said that the Finance Minister’s meetings with State Bank of Pakistan (SBP) officials and market participants including banks and exchange companies have improved market confidence. .
More from Factfile: Rupee continues to fall against dollar, 1.16 . fell
Meanwhile, Finance Minister Ishaq Dar last week warned that strict action would be taken against those who manipulate the exchange rate.
Dar said the real value of the rupee is below the 200 level against the dollar.
Issuing a warning to those engaged in currency speculation and hoarding, he predicted that the rupee would soon strengthen against the dollar.
“At present, where the rupee is, it is not at the right place. Rupee should trade between 180-200 against the dollar in the money market.