KARACHI : August 26, 2022: US dollar rose to the new height as it appreciated by Rs 1. 30 to a rupee in interbank in the first session on Friday. US value pegged at Rs 220.80 against Rs 219. 50 of Thursday.
In the open market, its appreciated by Rs 1 to take its buying rates to Rs 227 and selling rates to Rs 229.
US Dollar is on the rise in terms of value vsi a vis local unit . The rupee was gaining good value against US currency by mid of August after touching the lowest ebb in July last but since mid of August its gaining spree not only reversed but it also lost value in a fast speed in the last 8 working sessions.
US dollar has appreciated by Rs over 10 against the local unit in the last 8 trading sessions.
The market sentiments indicates further upward revision of the US currency as there is shortage of some currencies in the market.
Forex Association of Pakistan (FAP) chairman, Malik Bostan Khan, however, hopes US dollar’s upward flight will stop in coming days.
Talking to NEWSMAN , Malik Bostan Khan said the government is taking some strong and quick measures to stop overshooting of US currency . He, however, did not divulge any details of the measures being considered by the government to stablise the currency market.
It is generally believe that the rupee will gain strength and take a bullish trend once the government get its deal with International Monetary Fund (IMF) done. The government is relying on IMF deal for correction in economy.
Meanwhile, prime minister , Shahbaz Sharif , is alluring Gulf states like United Arab Emirate (UAE), Qatar and Saudi Arabia to invest in Pakistan to help it stablise its economy.