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Dollar continues to cede ground to rupee

Exporters bringing proceeds into Pakistan, government keeping check on imports has subdued demand of dollar, say experts

The rupee continued to gain against the US dollar as the local currency reached Rs215.49 per dollar in the interbank market on Friday.

According to the State Bank of Pakistan (SBP), the closing rate of dollar on Friday was recorded at Rs215.49 in the interbank market, showing a 1.57 percent appreciation.

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According to the Forex Association of Pakistan (FAP), the dollar was being sold at Rs214 and its buying price remained at Rs211 in the open market at 3:48pm on Friday.

According to economic experts, the exporters starting to bring their proceeds into Pakistan have been causing the local currency’s appreciation.

The government, by keeping a check on imports, has subdued the demand of dollar. As a result, there were sellers in the market but no buyers, according to experts.

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However, experts have also been worried over the political situation in the country, saying that any negative political news could lead to rupee’s fall.

Zafar Cheema, secretary general of Exchange Companies of Pakistan (ECAP), stated to local media that the credit of rupee’s appreciation went to the State Bank of Pakistan. He said that exporters who had previously stopped bringing proceeds into Pakistan had now started offloading their dollars.

The ECAP secretary general further said that the import bill had dipped in July, and would further reduce in August because of lower oil, wheat, coal and pulses prices.



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