Last Updated on: 14th July 2023, 08:54 am
Dollar Falls Below Rs 222 in Intraday Trade On Rupee Giant Ishaq Dar Forecast
After Finance Minister Ishaq Dar forecasted the dollar would fall below Rs 200 at the end of October, the Pakistani Rupee (PKR) continued its mysterious rally against the US Dollar (USD), posting huge gains of Rs 2 in intraday trading today.
The local currency was fully in the green against the US Dollar as trading resumed at 222.75 on market open. The value of the dollar against the rupee fell to 221.81 around 10:15 am.
The Treasury Secretary spoke at length about the value of the dollar to a commercial TV station, saying manipulation was to blame for the dollar’s current record valuation.
He said that if the PCR strengthened against the US dollar, the inflation rate would drop significantly.
Yesterday, the local currency was up Rs 1.69 (0.76%) to end the day at Rs 223.94 against the US Dollar.
Positive feedback from forex traders was found in our channel checks today. These forex traders believe last week’s “give-inspired thrill” is behind PKR’s surge. Traders are selling dollars in the market due to the potential for further appreciation of the rupee in the near future.
Other brokers cited a number of factors, including the Asian Development Bank’s (AfDB) offer of US$2.3-2.5 billion in aid and expectations of a steady decline in imports due to the strengthening rupee.
Also Read: PAK Rupee Ended its 15-Day Losing Streak Against The US Dollar On A Massive Oil Slump
Funds are pouring into Pakistan from all over the world to help with the floods. The import bill is expected to fall, and even if it rises, dollar inflows will continue.