Karachi November 1 2022: Pakistan Rupee gain against dollar for the second consecutive day as Finance Minister warn of stern action against dollar hoarders and strengthening of REER index despite long march by PTI chairman Imran Khan with a motive to call early elections and opening of LC up to 0.1 million dollar.
All Letter of Credits which are pending amounting to USD 100,000 will start clearing from first of November against current limit of 50,000 dollars says finance minister in a video message yesterday.
Finance Minister Ishaq Dar has warned of strict action against the hoarders and smugglers of US dollar as well as manipulators for keeping the rupee undervalued, and reiterated that the fair value of the rupee “is 180-200 to a dollar”. He elaborated government’s action plan while chairing meetings with the presidents and CEOs of commercial banks and representatives of exchange companies at the State Bank of Pakistan (SBP) on Saturday.
Pakistan Rupee appreciate 24 paisa or 0.11 percent in interbank to close at 220.65 against yesterday closing of 220.89. On Monday, Rupee gain PKR 1.92 or 0.87 percent against dollar.
Moreover, In Open Market Rupee gain 50 paisa to trade at 226.5 against dollar at PST 16:00 compared to yesterday closing of 227.0, according to Forex Association of Pakistan.
The REER index was recorded at 90.93 in September 2022 as compared to 94.37 in August 2022 improved by 2.04 percent, according to data published by State Bank of Pakistan. While during the month of September 2022 Pak rupee lost 3.5 percent to close the month at 228 against dollar, as per official data of SBP.