Recovery continues unabated as rupee gains Rs1.04 against dollar
ISLAMABAD (APP) - Pakistani rupee on Monday witnessed the 23rd consecutive recovery session as it gained Rs1.04 against the US dollar in the interbank trading and closed at Rs281.65 against the previous day’s closing of Rs282.69.
According to the Forex Association of Pakistan (FAP), the buying and selling rates of the dollar in the open market stood at Rs280.50 and Rs281.5 respectively.
The price of the Euro decreased by Rs1.60 to close at Rs296.43 against the last day’s closing of Rs298.03. The Japanese Yen went down by 01 paisa to close at Rs1.88, whereas a decrease of Rs1.78 was witnessed in the exchange rate of the British Pound, which traded at Rs342.95 as compared to the last closing of Rs344.73.
The exchange rates of the Emirates Dirham and the Saudi Riyal declined by 28 and 29 paisa to close at Rs76.68 and Rs75.08 respectively.
Despite macroeconomic challenges and slow progress of fiscal indicators, there is a glimmer of hope for improvement as the Pakistani rupee showcases remarkable resilience against the US dollar, which experts believe would have a positive impact on national economy.
On September 6, the caretaker government announced launching a massive crackdown against the elements involved in dollar smuggling, hoarding and organized crime cartels, causing loss to the national economy. By adopting a ‘zero-tolerance’ stance towards the smuggling and hoarding, Pakistani rupee started gaining against the dollar and since September 5 it witnessed around Rs 25.44 appreciation and Rs281.65 in interbank trading during 23 consecutive recovery sessions, as of October 9.
On September 5, the rupee against the dollar in the interbank trading was at Rs 307.09 and by October 9 it came down to Rs 281.65, price of the Euro declined to Rs 296.43 from Rs 330.13, British Pound to Rs 342.95 from Rs 385.22, Emirate Dirham to Rs 76.68 from Rs 83.60 and Saudi Riyal to Rs 75.08 from Rs 81.87. Whereas the buying and selling of the dollar in the open market came down from Rs 320.8 to Rs 278.75 and Rs 324 to Rs 281.5 respectively.
