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Dar effect? US dollar sheds Rs2.63 in rare rally for Rupee

FOOLS_NIGHTMARE

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Sep 26, 2018
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Rupee appreciates to Rs237.02 during intraday trading in the interbank market
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It seems the news of Pakistan Muslim League-Nawaz (PML-N) leader Ishaq Dar to the country and his impending takeover of the federal finance ministry seems to have spread a wave of optimism in the country, with the market at least responding positively to the news and the rupee appreciating by over Rs2.63.

According to data released by the State Bank of Pakistan (SBP) on Monday afternoon, the rupee appreciated by 1.11%, gaining Rs2.63.

On Friday, the rupee had closed at Rs239.65. But on Monday, the rupee strengthened to Rs237.02.

Earlier during intraday trading in the interbank, the rupee extended its rally, which we saw a smidgen of on Friday afternoon, and clawed back around Rs3.21 as it appreciated from Friday’s closing value of Rs239.65 to Rs236.44.

In the first 21 days of September, the rupee had lost around Rs21.11 as a Rs1.1 billion tranche from the International Monetary Fund (IMF) and an Rs3 billion rollover by Saudi Arabia could not withstand forces of political instability and extensive macroeconomic tumult due to the floods.

Open currency market​

In the open currency market, the rupee gained around Rs6.5 against the dollar.

As a result, a single US dollar was being sold for Rs238.

Apart from the strengthening of the rupee in the market, the open currency market seems to be responding more per the latest restrictions imposed by the State Bank of Pakistan on purchasing large quantities of US dollar.

Late last week, the central bank issued a notice, restricting purchase of US dollars above $2,000 or equivalent other foreign currency and routing all such transactions through banking channels.
 

Asimzranger

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Manipulation of Dollar market has now commenced full throttle ahead, First create dollar storage then lower it for a week then again rise it to current market rate , perfect recipe for a train wreck.
 

Ssan

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They said that the market has expectations Dar will be fixing the rate. The question is what happened to the bond rate? It probably climbed when news of Dar broke.
 

Danish Moazzam

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The dealer know that he will pump dollars and bring the rate down, so they are cashing in. this will happen for a week or so and then things will go back to the free fall. Just like what Baby DAR did a few weeks back

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khail007

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Speculations are that the bunch of criminals artificially manipulated US$/Rupee relation in a desperate attempt to prove that the return of the absconder is a positive indicator for the sick economy and to pave the way for remaining absconders in the UK.
'Naked League' is becoming more naked in the process.
Time will prove the rights and wrongs - ALLAH SWT knows better.
 

koolio

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a rare moment for patwaris going gaga over peanuts till the ruppee free fall again.

Patwaris are brainless people who can't think above and beyond, no matter what crimes they commit, they will be happy to remain slaves of Godfather.
 

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