EA Report
LAHORE, Oct. 8 — Pakistani rupee takes another breath against USD on week-end by stepping back to 170.53 in inter-bank market Friday.
News from the international front regarding prices of international commodities especially coal and gas brought some relief to the choking rupee.
According to State Bank of Pakistan (SBP), PKR closed at 170.53 against the USD, a day-on-day appreciation of 34 paisas or 0.20%. Since dropping to 170.96 against the greenback, the lowest level in its history earlier this week, the PKR has gained 43 paisas.
The stepping back of PKR comes as the central bank continues to introduce measures to address the rupee decline.
Earlier this week, the SBP announced new rules to enhance transparency in the foreign currency transactions by exchange companies and to curb the undesirable outflow of cash foreign currency.
This follows recent measures taken by the State Bank to curb imports such as the imposition of 100% Cash Margin Requirements (CMR) on import of 114 items, taking the total number of items to 525. Furthermore, it also revised Prudential Regulations (PRS) for consumer financing to moderate demand growth in the economy.
“The government at least took step addressing issues on the external front through the imposition of regulatory measures,” BMA Capital Executive Director Saad Hashmey told.
Hashmi said that the latest inflows of Roshan Digital Accounts (RDA) would also improve market sentiment.
Cumulative inflow under the RDA reached $2.411 billion in the thirteen months since its inception. As per the central bank data, an inflow of $297 million was recorded in September, over 21% higher month-on-month.
Pakistan Rupee Exchange Rate