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Rupee appreciates to Rs237.02 during intraday trading in the interbank market
It seems the news of Pakistan Muslim League-Nawaz (PML-N) leader Ishaq Dar to the country and his impending takeover of the federal finance ministry seems to have spread a wave of optimism in the country, with the market at least responding positively to the news and the rupee appreciating by over Rs2.63.
According to data released by the State Bank of Pakistan (SBP) on Monday afternoon, the rupee appreciated by 1.11%, gaining Rs2.63.
On Friday, the rupee had closed at Rs239.65. But on Monday, the rupee strengthened to Rs237.02.
Earlier during intraday trading in the interbank, the rupee extended its rally, which we saw a smidgen of on Friday afternoon, and clawed back around Rs3.21 as it appreciated from Friday’s closing value of Rs239.65 to Rs236.44.
In the first 21 days of September, the rupee had lost around Rs21.11 as a Rs1.1 billion tranche from the International Monetary Fund (IMF) and an Rs3 billion rollover by Saudi Arabia could not withstand forces of political instability and extensive macroeconomic tumult due to the floods.
As a result, a single US dollar was being sold for Rs238.
Apart from the strengthening of the rupee in the market, the open currency market seems to be responding more per the latest restrictions imposed by the State Bank of Pakistan on purchasing large quantities of US dollar.
Late last week, the central bank issued a notice, restricting purchase of US dollars above $2,000 or equivalent other foreign currency and routing all such transactions through banking channels.
www.samaaenglish.tv
It seems the news of Pakistan Muslim League-Nawaz (PML-N) leader Ishaq Dar to the country and his impending takeover of the federal finance ministry seems to have spread a wave of optimism in the country, with the market at least responding positively to the news and the rupee appreciating by over Rs2.63.
According to data released by the State Bank of Pakistan (SBP) on Monday afternoon, the rupee appreciated by 1.11%, gaining Rs2.63.
On Friday, the rupee had closed at Rs239.65. But on Monday, the rupee strengthened to Rs237.02.
Earlier during intraday trading in the interbank, the rupee extended its rally, which we saw a smidgen of on Friday afternoon, and clawed back around Rs3.21 as it appreciated from Friday’s closing value of Rs239.65 to Rs236.44.
In the first 21 days of September, the rupee had lost around Rs21.11 as a Rs1.1 billion tranche from the International Monetary Fund (IMF) and an Rs3 billion rollover by Saudi Arabia could not withstand forces of political instability and extensive macroeconomic tumult due to the floods.
Open currency market
In the open currency market, the rupee gained around Rs6.5 against the dollar.As a result, a single US dollar was being sold for Rs238.
Apart from the strengthening of the rupee in the market, the open currency market seems to be responding more per the latest restrictions imposed by the State Bank of Pakistan on purchasing large quantities of US dollar.
Late last week, the central bank issued a notice, restricting purchase of US dollars above $2,000 or equivalent other foreign currency and routing all such transactions through banking channels.
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