Pakistan News

PKR jumps by nearly Rs2 in interbank

The Pakistani rupee continued its upward momentum on Monday, rising by Rs1.75 against the dollar during early trade in the interbank market.

The PKR was being traded at Rs226.7 per dollar at 11:14am, an appreciation of 0.77 per cent from Friday’s close of Rs228.45, data shared by the Forex Association of Pakistan (FAP) showed.

Head of Research at Tresmark, Komal Mansoor, said the rupee was appreciating on the back of a “flood of positives” since Ishaq Dar took over as finance minister.

Fuel and electricity prices had been reduced while inflation in September was measured at 23.18pc compared to expectations of 27pc, she noted. Flood relief to the tune of $2-3 billion was expected to flow in the short to medium term and the parity was being managed by verbal intervention, she added.

“We may not have the reserves to throw in the market to bring the parity down but these tactics seem to be working for now. Whatever the yardstick used by the incoming finance minister, it should be made transparent and [implemented] after having all stakeholders on board,” Mansoor commented.

Read: Daronomics — The fallacy of fixing currency price

The PKR had fallen close to an all-time low of Rs239.94 on Sept 22. It has been on an uptrend since then, with its value improving by Rs11.26 or 4.7pc in the last six sessions.

More to follow.

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