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

FOOLS_NIGHTMARE

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Dollar depreciates further against rupee, loses Rs2.19 in interbank​

A trader counts Pakistani rupee notes at a currency exchange booth in Peshawar, Pakistan December 3, 2018. — Reuters/ File


  • Dollar loses further in interbank market.
  • Market boosted after Ishaq Dar's statement about dollar's value.
  • SBP says action would be taken against banks involved in creating volatility.
The Pakistani rupee continued to gain ground against the dollar Thursday — the 10th consecutive session — and appreciated by 2.19 in the interbank market at the start of the intraday trade.
The greenback was being traded at Rs221.75 after losing 2.19 as the market opened today. It closed at 223.94 per dollar a day prior.
The market observers are of the view that the dollar declined on hopes of inflows, upbeat trade data, and bets that the new finance minister would be able to tame the US currency effectively.
“In my view, recent encouraging trade balance data, hopes from multilateral institutions of additional inflows supported the rupee,” said Samiullah Tariq, the head of research at Pak-Kuwait Investment Company.
“The 215-220 per dollar seems a good level,” he added.
Finance Minister Ishaq Dar’s statement “the actual value of the rupee was less than 200 and it would be brought down, as it was currently undervalued” further bolstered the currency as the dollar sales by the exporters continued to underpin sentiment and improve supplies in the market, according to a The News report.
Meanwhile, the governor State Bank of Pakistan (SBP) informed the National Assembly’s Standing Committee on Finance that action would be taken against banks and forex exchange companies involved in creating volatility in the exchange rate upon the finalisation of the inquiry.
The committee wanted to know the names of the eight banks that were allegedly involved in speculation for making money and there was a considerable difference in dollar rate in the interbank and exchange companies rate.
The committee directed the SBP to take appropriate action against all the banks and exchange companies allegedly firing up exchange rate volatility.
The committee also asked the SBP to take exemplary action against banks and exchange companies involved in speculations to make a profit so that no one could dare to play with the economy of the country in the future.
 

Olympus81

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Believe it’s the IMF tranche that came, which resulted in a stronger Pak Rs.

Dar will be doing Dar in a few weeks time when he is settled and start laying land mines. Wouldn’t expect anything good from this ruhaani crook.
 

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Rupee’s upward drive slows as US dollar depreciates by 18 paisas

Rupee appreciates to Rs217.79 against greenback
<p>Photo:SAMAA/file</p>

Photo:SAMAA/file
The rupee’s 18-day march against the US dollar appears to be running out of steam after its appreciation slowed to 0.08% on Tuesday.
According to data released by the State Bank of Pakistan (SBP) on Tuesday of the interbank trading, the rupee gained just 18 paisas against the US dollar.
The rupee closed the trading day up at Rs217.79.

By contrast, the rupee had closed at Rs217.97 on Monday evening after having appreciated by 0.89%.

The last time the rupee was at this level was on August 23 when the rupee had appreciated to Rs217.66 in value.
Earlier during intraday trading, the rupee had actually appreciated by Rs0.97 against the US dollar to Rs217 in the interbank market.
Though modest, Tuesday’s gains mean that the rupee continued its streak against the dollar on Tuesday for an 18th consecutive day.
Since September 23, the rupee has gained around Rs21.86.

The value of the US dollar started losing track against the rupee since September 23, 2022, after having reached a high of Rs239.74 and since then, the dollar has continued to go down significantly till date.
Since Federal Finance Minister Ishaq Dar’s return, the rupee has gained around Rs22.73 against the greenback.

Open currency market​

In the open market on Tuesday, the rupee lost value against the dollar by 50 paisas as it slid from Monday’s value of Rs218.50 to Rs219.
The rupee has closed the gap with the dollar in the open market versus in the interbank market where in August, the difference was as much as Rs10.
Last week, Federal Finance Minister Senator Ishaq Dar stated that as per his calculations, the real value of a US dollar should be less than Rs200.
He said this while speaking on SAMAA TV’s show Nadeem Malik Live.
Dar explained that the main reason why the rupee had sunk to its lowest ever value was due to political instability fomented in the country. At its lowest towards the end of July, the rupee had fallen to an all-time low of Rs239.94.
 

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