Karachi October 11 2022: Pakistan Rupee continue to appreciate for the thirteen consecutive session in interbank against dollar and gains more than a Rupee as SBP governor denies intervention in interbank to pull Rupee amid finance minister assurance that the government’s is fully committed to fully honor all the commitments made with International Monetary Funds (IMF) and other creditors, besides addressing the issues faced by the local business community and increased financial assistance from financial institutions.
“Pakistan central bank did not sell dollars in the interbank to strengthen Rupee. Rupee strengthening is a result of efficient management, increasing remittances and flows in Roshan Digital Account as evident by decreasing difference between KERB and Interbank rates, increase in export receipts and expectation of flows from financial institutions” says Central Bank Governor.
He said, “Central Bank is actively monitoring interbank and Exchange Companies while at the same time keep checks on informal market as well. We are controlling informal market with the help of law enforcement agencies.”
Pakistan Rupee appreciate PKR 1.04 or 0.48 percent in interbank to trade at 216.93 at PST 11:05 against yesterday closing of 217.97. In the last twelve consecutive session rupee gains PKR 21.74 or 9.97% from recent low of 239.71.
Moreover, In Open Market Rupee is gains one Rupee to trade at 219.0 at PST 11:05, according to Forex Association of Pakistan.
The finance minister categorically dismissed the speculation with respect to approach Paris Club for the rescheduling of loans of the multi-lateral lenders and donor agencies, besides extending the date of maturity of Pakistani bound in international market.
The bond would be matured by December this year and all the payments would be endured with in time to maintain and protect national sovereignty, he added.
The United Nations has scaled up appeal for the ‘Floods Response Plan’ in Geneva, seeking $816 million to control a surge in water-borne diseases following the country’s worst floods in decades.
“World Bank will also provide assistance of US$1 bn for flood relief operations but it tied to meeting of certain criteria” says SBP Deputy Governor Murtaza Syed.
The Asian Development Band (ADB) will provide flood relief support to Pakistan to the tune of US$ 2.3 to 2.5 billion including US$ 1.5 billion for the BRACE program which will be placed before the ADB Board for approval during this month says Country Director ADB for Pakistan Yong Ye told Finance Minister Senator Mohammad Ishaq Dar.
The SBP taking cognizance initiated strict monitoring of the foreign exchange operations of banks and exchange companies and has initiated inquiry proceedings into the violations made against SBP regulations.
The dollar hit multi-year highs on Tuesday against the risk-sensitive Aussie and Kiwi dollars and the yen hovered near the level that prompted intervention as worries about rising interest rates and geopolitical tensions unsettled investors, according to Reuters. U.S. dollar index was up 0.239% at 113.34, inching toward the 20-year high of 114.78 it touched late last month.
