The Pakistan Rupee continued to show recovery in the interbank market on Monday, extending its gains against the dollar by more than one rupee in the early morning session on October 10 2022.
According to the Forex Association of Pakistan (FAP), at 9:50 am, the dollar was trading at Rs218.45, up Rs1.47, or 0.67 percent, from the session’s previous rate of Rs219.92. FAP Chairperson Malik Bostan credited exporters for “bringing their revenues into the nation at a quick rate” for the rupee’s rise. He said that this was resulting in a drop in demand for the dollar.
Additionally, he claimed that banks that had been manipulating the exchange rates and higher-ups should be punished severely and advocated for their firing.
In order to avoid future satta bazi (manipulation), he remarked, “the record of their transactions should be reviewed and a fine twice the amount of profit they have received should be levied.”
In addition, the FAP chairman predicted that the rupee would continue to rise in the future and predicted that the interest rate will decrease or remain steady.
A new monetary policy is anticipated to be revealed today (October 10 2022) by the State Bank of Pakistan.
This will be the first monetary policy since Jameel Ahmed was named as the new governor of the central bank in August and Ishaq Dar was named the country’s new finance minister last month.
Given the enormous inflationary pressures, the banking industry is not anticipating any adjustment in the interest rate, according to a private channel.
