EA Report
LAHORE, Sept. 04–22
Pakistan’s rupee maintained its strength against the US dollar by staying up near 0.9 percent in inter-bank market during opening trading hours on Tuesday.
Pak rupee was being quoted at 225.30 with an appreciation of Rs1.99 or 0.88 percent against the greenback, during intra-day trading right at around 10:35am
Pakistan’s rupee, last day, had maintained its upward trajectory against US dollar for the seventh straight session, closing at 227.29 appreciating to Rs1.16 or 0.51% in the inter-bank market.
Analysts attribute rupee’s recent gain to the return of Ishaq Dar, widely seen as an advocate of a strong rupee.
The newly-appointed finance minister on Monday clearly said that the country’s currency could strengthen to under 200 rupees to the US dollar.
“The rupee’s real value is below 200 (to $1), and, God willing, it will come below 200 (rupees),” Dar said in an interview with a local television channel.
He added that the rupee would be strengthened though government “policies” as the current rate was inflated due to speculation.
Internationally, the US dollar lost some support from a slide in Treasury yields overnight after local economic data showed a slowdown in manufacturing, hinting that aggressive Federal Reserve rate hikes are already being felt.
The dollar index that measures the currency against six peers including sterling and the euro, was about flat at 111.55, not far from Monday’s low of 111.46, a level last seen on September 23.
Oil prices, a key determinant of currency parity, inched higher in early Asian trade on Tuesday, on expectations that OPEC+ may agree to a large cut in crude output when it meets on Wednesday but concerns about the global economy capped gains.
Pakistan Rupee Exchange Rate