The rupee continues to appreciate against the dollar in view of the steps taken by the government to issue loan installments from the International Monetary Fund (IMF).
According to the Forex Association of Pakistan (FAP), the rupee depreciated by one rupee 40 paise against the dollar during trading at 10:30 am and reached 204 rupees, while the dollar had closed at 205 rupees 40 paise a day earlier. ۔
Compared to the FAP data, the SBP’s previous day’s rates were relatively low at Rs 205.12.
According to a report by Mets Global, the rupee has appreciated due to government measures to issue loan installments from the IMF.
However, the report said that experts were of the view that the rupee’s appreciation was short-lived due to rising oil prices in the global market.
Malik Bostan, chairman of the Forex Association of Pakistan, said that the Pakistani rupee was recovering faster against the dollar in the hope of transferring 2 2.3 billion from China and جلد 2 billion from the IMF soon. It had reached Rs 212 in the bank, it has come down to less than Rs 205.
He hoped that the dollar would fall below Rs 200 in the first week of the new financial year. Which has improved the market supply.
At the same time, he said that the purchase for the Hajj season has also been completed, which has reduced the demand for the dollar and the rupee is recovering.
It may be recalled that on Wednesday, the National Assembly had passed a finance bill for the next financial year in which major changes were made in terms of taxes and levies on petroleum products in view of the government’s promises to the IMF.