For the sixth session in a row, the PKR strengthened against the dollar during early trade in the interbank market, gaining Rs1.88.
According to the Forex Association of Pakistan, the local currency was trading at Rs227.75 per $1 at 9:47 am, up 0.82 percent from yesterday’s finish of Rs229.63 (FAP).
The PKR’s value began to increase, according to Alpha Beta Core CEO Khurram Schehzad, after severe action was taken against hundi/hawala networks and banks engaged in speculating.
“The value of the dollar, which had been boosted through speculation and unnatural means, is falling. Given the rate at which dollars are being sold on the kerb market, it seems that the dollar’s [rate] can drop even more, he said.
Additionally, the market anticipated that the import bill would decrease due to flood-related international aid and a drop in oil prices globally, which would prevent the balance of payments problem from getting worse, according to Schehzad.
On September 22, the PKR almost hit an all-time low of Rs239.94. Since last Friday, it has been on the rise, with a value increase of Rs. 10.08 (4.2%) over the previous five sessions.
