In the interbank market, the Pakistani rupee saw a tiny uptick against the US dollar, rising 0.03% in Friday’s opening hours of trading.
During intra-day trade, the rupee appreciated by Re0.06 or 0.03% to 220.89 at roughly 10:10 am against the US dollar.
The Pakistani rupee saw a slight decline against the US dollar on Thursday, down Re0.07 to settle at 220.95.
According to market analysts, the rupee is currently stabilising against the US dollar as market fundamentals take hold after making strong gains since the last week of September despite the nomination of Ishaq Dar as the finance minister.
In the interbank market, the Pakistani rupee saw a tiny uptick against the US dollar, rising 0.03% in Friday’s opening hours of trading.
The market is currently awaiting the Financial Action Task Force (FATFdecision, )’s which is anticipated to be made today regarding Pakistan’s potential removal from its “grey list” (Friday).
Hina Rabbani Khar, the minister of state for foreign affairs, is in Paris for the key FATF first plenary, which takes place on October 20-21, 2022, during T Raja Kumar’s two-year presidency of Singapore.
Prior to this, a 15-member FATF delegation made up of its counterterrorism experts visited Pakistan from August 29 to September 5, 2022. While there, the delegation met with Pakistan’s leadership and received briefings on the reforms that Pakistan had already implemented, particularly the crucial AML/CFT initiatives.
According to a report from Topline Securities on Friday, “if Pakistan is removed off the grey list, it would give the government a boost to its image and reputation in terms of its activities to combat terror funding and money laundering.”
Although Pakistan’s removal from the “grey list” has not resulted in a significant increase in foreign direct investment or other capital flows into the nation, the brokerage house continued, “the importance of combating terror financing and money laundering in the last few years has increased manyfold.”
Globally, on the strength of rising Treasury yields, the dollar strengthened versus a basket of other currencies, with the US dollar index rising 0.03% to 112.97.
