Karachi October 6 2022: Pakistan Rupee continue to appreciate for the tenth consecutive session in interbank against dollar as ADB director announced flood relief support to Pakistan to the tune of US$ 2.3 to 2.5 billion amid SBP action against manipulators.
The United Nations has scaled up appeal for the ‘Floods Response Plan’ in Geneva, seeking $816 million to control a surge in water-borne diseases following the country’s worst floods in decades.
“Pakistan Rupee soon will be below level of 200 against the dollar by the end of this month and we will not opt for debt rescheduling of Paris club debt as our external financing meets are fully met for this fiscal year” says Pakistan’s newly appointed Finance Minister Ishaq dar.
He added,” We have to kick out speculators from the market. In every case, value of Rupee is less than 200 but i could not disclose its right value now. We will bring it through fundamental changes rather than artificial measures.”
Pakistan Rupee appreciate PKR 2.09 or 0.94 percent in interbank to trade at 221.85 at PST 11:50 against yesterday closing of 223.94. In the last nine consecutive session rupee gains PKR 15.77 or 7.0% from recent low of 239.71.
However, In Open Market Rupee is trading at 228 at PST 11:50, according to Forex Association of Pakistan.
The Asian Development Band (ADB) will provide flood relief support to Pakistan to the tune of US$ 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, Country Director ADB for Pakistan Yong Ye told Finance Minister Senator Mohammad Ishaq Dar, who along with his delegation called on the minister at the Finance Division here Wednesday.
Yong Ye also apprised the minister about the ongoing and future projects of ADB in different sectors including social protection, food security and energy sectors.
The National Assembly Standing Committee on Finance and Revenue on Tuesday directed the State Bank of Pakistan to take appropriate action against all the banks and exchange companies involved in manipulating volatility of the exchange rate.
The State Bank has also been asked to take appropriate action against elements involved in exchange rate manipulation so that no one dares to play with the economy of the country.
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 wobbled in a choppy Asia session on Thursday, as investors looked ahead to U.S. labour and inflation data where softness may signal an eventual slowdown in U.S. rate hikes.
The U.S. dollar index wobbled 0.08% lower to 110.84, off lows near 110 from earlier in the week, though some distance below last week’s 20-year high of 114.78.
