rupee, which was on uptrend for more has been going on for a week now against in dollar in interbank market on Friday.
By 10:05 am, the local currency had risen in price by 2.15 rupees. against in dollar to reach 224 rupees, up 0.95% off yesterday’s close of 226.15 rupees.
Saad bin Nasir, director of Mattis Globala web-based on financial data and analytics portal said PKR was stable today because inflows in pipeline – export earnings and remittances are deposited – and there is no panic in interbank.
He said, however, that government you need to look into the “huge game” money changers were playing because they called problems and losses for in common people.
“When the rupee fell to 240 in interbank, money money changers sold dollars at 250-255 in Open market. Today, money money changers buy dollars at 210/215 and sell them in government Nostros for 225/226,” he said.
Nasir said the rupee will continue to appreciate in coming days on in back of more tributaries.
rupee was on consistent decline from 15 July and dropped to record short of 239.94 on July 28th. But from July 29, it reversed course and its value rose by Rs 14.15 until yesterday (August 4).
The biggest rise was seen on Wednesday (August 3), when the rupee rose by record overnight profit of 9.59 rupees or 4.19 pcs.
This significant increase in the rupee led to the exchange rate stability, as currency dealers believe fluctuations will not be as volatile as has been witnessed in July when the dollar rose over 13 pcs. in one month against local currency.