PKR gains Rs2.11 against dollar in interbank market – Business

The rupee, which has now been in an upward trend for more than a week, continued to strengthen against the dollar in the interbank market on Friday.

The local currency gained Rs 2.11 or 0.94 percent against the dollar, closing at Rs 224.04.

Saad bin Naseer, director of Mettis Globala web-based portal for financial data and analysis, said the PKR is stable today because inflows are in the pipeline – export earnings and remittances are being deposited – and there is no panic in the interbank sector.

However, he said the government should look at the “huge game” the money changers were playing because they were causing trouble and losses for the common people.

“When the rupee fell to 240 in the interbank sector, money changers sold dollars at 250-255 in the open market. Today, money changers buy dollars at 210/215 and sell them in government Nostros at 225/226,” he said.

Naseer said the rupee will rise further in the coming days due to more inflows.

The rupee had fallen continuously from July 15, falling to a record low of 239.94 on July 28. But since July 29, the gear has reversed and the value has risen by Rs 14.15 until yesterday (August 4).

The biggest gain came on Wednesday (Aug 3), when the rupee appreciated in value with a record one day gain of Rs9.59 or 4.19pc.

This large gain of the rupee has brought stability to the exchange rate, as currency traders believe the swings will not be as volatile as they were in July, when the dollar gained more than 13 percent against the local currency in one month.

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