AGL 39.70 Increased By ▲ 0.20 (0.51%)
AIRLINK 188.00 Increased By ▲ 11.37 (6.44%)
BOP 10.20 Increased By ▲ 0.11 (1.09%)
CNERGY 6.92 Increased By ▲ 0.05 (0.73%)
DCL 10.00 Increased By ▲ 0.07 (0.7%)
DFML 44.50 Increased By ▲ 1.76 (4.12%)
DGKC 99.50 Increased By ▲ 1.33 (1.35%)
FCCL 39.50 Increased By ▲ 0.19 (0.48%)
FFBL 82.20 Increased By ▲ 0.34 (0.42%)
FFL 14.10 Decreased By ▼ -0.29 (-2.02%)
HUBC 122.75 Increased By ▲ 1.31 (1.08%)
HUMNL 15.32 Decreased By ▼ -0.02 (-0.13%)
KEL 5.65 Decreased By ▼ -0.01 (-0.18%)
KOSM 8.22 Increased By ▲ 0.10 (1.23%)
MLCF 48.39 Increased By ▲ 0.28 (0.58%)
NBP 77.03 Increased By ▲ 1.21 (1.6%)
OGDC 197.85 Increased By ▲ 0.44 (0.22%)
PAEL 32.72 Increased By ▲ 0.34 (1.05%)
PIBTL 8.30 Increased By ▲ 0.15 (1.84%)
PPL 178.30 Increased By ▲ 2.80 (1.6%)
PRL 33.74 Decreased By ▼ -0.35 (-1.03%)
PTC 22.70 Increased By ▲ 0.36 (1.61%)
SEARL 102.99 Decreased By ▼ -0.21 (-0.2%)
TELE 8.56 Increased By ▲ 0.05 (0.59%)
TOMCL 35.28 Increased By ▲ 0.25 (0.71%)
TPLP 11.51 Increased By ▲ 0.25 (2.22%)
TREET 19.25 Increased By ▲ 0.10 (0.52%)
TRG 58.50 Decreased By ▼ -0.06 (-0.1%)
UNITY 34.63 Decreased By ▼ -0.23 (-0.66%)
WTL 1.60 Increased By ▲ 0.01 (0.63%)
BR100 11,744 Increased By 93.2 (0.8%)
BR30 35,722 Increased By 244.4 (0.69%)
KSE100 109,082 Increased By 842.7 (0.78%)
KSE30 33,956 Increased By 262.9 (0.78%)

The Pakistani rupee registered a gain against the US dollar in the open market on Monday, an appreciation that comes in tandem with the currency’s increase in the inter-bank.

Currency dealers Business Recorder reached out to said the rupee was quoted at 281.50 for selling and 278.50 for buying purposes for customers earlier in the session.

However, at the end of trading on Monday, the currency closed at 280.5 for selling and 277.5 for buying, according to data provided by the Exchange Companies Association of Pakistan (ECAP). The rate is once again below the one in the inter-bank market.

The ongoing appreciation comes after the State Bank of Pakistan (SBP) ramped up efforts to clip the wings of the high-flying dollar and announced a list of “structural reforms” last month, targeting the Exchange Companies (ECs).

In the inter-bank, the rupee saw a 23rd successive session of appreciation, closing at 281.65 against the greenback.

Apart from the central bank measures, the caretaker setup also announced taking administrative steps to tighten the screws around smuggling and hoarding of currency and as a result, countrywide raids were reported with scores of illegal currency exchanges being shut down and foreign currency worth millions confiscated.

Meanwhile, Tresmark, a financial research firm, on Saturday said the Pakistani rupee looked set to breach the 280 level against the US dollar and will only face some resistance near the 275 level.

“The 275 level is simply a ‘goal based’ level - that some consolidation at that level should be acceptable to all,” it said.

Tresmark highlighted factors which will also cause the Pakistani rupee to consolidate. It said that the International Monetary Fund (IMF) appears to be heading towards giving a go-ahead, and another tranche will give wings to rupee.

Comments

Comments are closed.

Fazeel Siddiqui (Overseas Pakistani) Oct 09, 2023 01:35pm
275-280 is not secret number, I expressed it already when Interbank was 305 and started to decline. GoP/SBP has ruined all investments of Overseas Pakistanis in criminal manipulations over past 1.5 decade just to benefit importers, untaxed traders, hoarders, spays, non-state terrorists and money launders.
thumb_up Recommended (0)
SantaC Oct 09, 2023 02:13pm
Stable? how come when no economy to support it?
thumb_up Recommended (0)
Qaiserkhan Oct 10, 2023 07:22pm
Business online
thumb_up Recommended (0)