Islamabad: The Pakistani rupee continued its recently achieved stability streak with a marginal increase as the greenback was being traded at 221.58 on Wednesday in the interbank market.
On Tuesday, the local currency remained flat against the greenback in the interbank trading to close at 221.65.
Earlier on Monday, Pakistan’s rupee registered back-to-back gains against the US dollar, and closed at 221.66 after an appreciation of Re0.26 or 0.12% in the inter-bank market.
The local currency remained stable throughout the last week as well, hovering between 221 and 222, despite the strengthening of the greenback against the other currencies.
According to market analysts, this exchange rate’s stability was a result of strict monitoring by the concerned government authorities.
In another recent development, the State Bank of Pakistan and Federal Investigation Agency on Monday announced a concerted joint effort against illegal foreign exchange operators and speculators across the country.
Experts have warned of further hovering in the local currency’s value amid the resumption of the long march by Pakistan Tehreek-e-Insaf (PTI) on Tuesday.
The local currency, although relatively stable, is still threatened by exchange-rate volatility despite expectations that Finance Minister Ishaq Dar’s re-entry at the helm of economic and financial decision-making would enable the Pakistani rupee to recover.
