Rupee continuing recovery gains by 1.79 to reach Rs231.12 per dollar

The rupee in continuation of recovery has gained another Rs1.79 or 0.77 percent on Wednesday to reach Rs231.12 per dollar in the interbank market, State Bank of Pakistan (CBP) has said.

According to SBP the local currency that had closed at Rs233.91 on Tuesday after 0.77 percent appreciation closed at Rs231.12 today.

Panic selling in the open market along with exporters bringing their proceeds back has helped in improving things, Saad bin Naseer has said.

Naseer, Director at Mettis Global, further told that the interbank market was now being driven by the open market. He showed an expectation of dollars to range between 220 and 225.

He also added that despite Ishaq Dar’s return, the rupee will not improve very much because of the expected imports including wheat and cotton.

Malik Bostan, Chairman Forex Association of Pakistan (FAP) has said that there have been positive expectations over the return of Ishaq Dar; adding that strict action was being expected against hundi and hawala networks.

Calling for strict action against banks which had earned billions due to artificial raising of the dollar’s price Bostan showed hope that such banks would be penalized after the return of Ishaq Dar.

The rupee has fallen to a near all-time low on September 22 and has been showing an upward trend since then. It has appreciated by 2.42 percent or Rs5.5 in the previous three consecutive sessions.

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