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PKR’s bullish run against dollar continues, gains by another rupee in interbank

The rupee continued its gains on Thursday, rising by Rs1.12 against the greenback in the interbank market during morning trade.

The dollar was changing hands for Rs287.63 at around 9:43am, according to the Forex Association of Pakistan. The previous day, it closed at Rs288.75, according to the State Bank of Pakistan’s (SBP) daily update.

In the open market, the USD saw a Rs1.5 reduction against the rupee, and was going for Rs288.5, according to the Exchange Companies Association of Pakistan (ECAP). Yesterday, the dollar was trading for Rs290.

The rupee has been appreciating for several weeks now, largely due to the military-backed crackdown on the illegal outflows of the dollar.

Whether the trend will sustain is debatable.

Analyst Khurram Husain has highlighted in an op-ed that during the PDM government’s ‘crackdown’ of the exchange market amid dwindling dollar reserves, the rupee saw some gains, which were ultimately short term.

“That brief spell of stability ended with a bang in January this year because the underlying reality of too many rupees chasing too few dollars had not changed,” he writes.

More to follow



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