KARACHI: Pakistan’s rupee recorded a marginal gain against the US dollar in the inter-bank market, and appreciated 0.18 percent in the opening hours of trading on Tuesday.
During intra-day trading, the rupee was being quoted at 221.26, an appreciation of Re0.40 against the greenback.
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.
In the previous week, the local currency remained largely stable despite the strengthening of US dollar as the Federal Funds Rate rose by 75 basis points (bps).
Finance Minister Ishaq Dar and Governor State Bank of Pakistan (SBP) on Monday discussed the fiscal and monetary measures being undertaken for economic stability, revival and growth of the country.
Governor SBP Jameel Ahmad said the continuing administrative efforts by the government and the policy measures of the central bank had resulted in stabilizing the local currency and restrain exchange rate volatility.
Meanwhile, 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 hovering 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.
