PKR Gains Rs2.15 Against US Dollar in Interbank Market

PKR Gains Rs2.15 Against US Dollar in Interbank Market

Interbank Market

The rupee, which has been gaining versus the dollar for more than a week, did so on Friday as well in the interbank market. 

By 10:05 am, the local currency had increased by Rs2.15 (or 0.95%) from yesterday’s close of Rs226.15 to reach Rs224 when measured against the US dollar. 

The PKR is stable today, according to Saad bin Naseer, director of Mettis Global, a web-based financial data and analytics platform, because inflows are on the way (export revenues and remittances are being deposited), and there is no interbank panic. 

Money Changers Were Engaged

However, he asserted that the government must investigate the “great game” that the money changers were engaged in since they were harming and defrauding the general populace. 

Read More | Stabilising Rupee: SBP Cracks Down On Exchange Firms  

Read More | Rupee Freefall Continues, Slides To 240 In Interbank

“Money changers were openly selling dollars for 250-255 when the rupee dropped to 240 in the interbank market. Money changers are currently purchasing dollars at 210 and 215 and selling them in government notes for 225 and 226,” he said. 

According to Naseer, fresh capital inflows will cause the rupee to gain much more over the next few days.

Rupee Losing Value

The rupee had been steadily losing value since July 15 and on July 28 it hit a record low of 239.94. However, after July 29, it changed course, and as of yesterday, its value had increased by Rs14.15.

The highest increase occurred on Wednesday, August 3, when the rupee experienced a record-breaking rise of Rs9.59 or 4.19 percent. 

Currency dealers believe that the changes won’t be as wild as they were in July, when the dollar gained more than 13 percent versus the local currency in a single month, which has stabilized exchange rates.

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