Karachi October 31 2022: Pakistan Rupee gain against dollar after falling for last three consecutive days in the previous week 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.
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 PKR 1.92 or 0.87 percent in interbank to close at 220.55 at PST 12:00 against Friday closing of 222.47. During the last week, Rupee lost PKR 1.64 or 0.74 percent against dollar after touching high of 219.73 on Tuesday.
Moreover, In Open Market Rupee gain 50 paisa to trade at 227.0 against dollar at PST 12:00 against yesterday closing of 227.5, 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.