KARACHI: August 15, 2022. On the first half of trading day in the currency market, US dollar value remained under pressure on Monday. US dollar shed Rs 2.40 in the interbank rates. It lost major chunk of value in the open market. In the open market US dollar lost Rs 4.50 against the local currency.
According to Forex Association of Pakistan (FAP), US dollar traded at 214.10 (buying) and Rs 214.40 (selling) against Rs 216.50 (selling) and Rs 217.00 (buying) of the last working day on Friday.
US is continuously losing its value in the currency market , making room for the local currency to bounce back and regain its lost value . In July this year, the rupee had suffered a major setback and at on July 16, 2022 it touched lowest level of Rs 239 in the interbank trading and in open market it
FAP chairman, Malik Bostan Khan, told NEWSMAN on Monday that with losing of value US dollar was heading to its actual value against the rupee. He said “ There were speculations that stoked US dollar to a historic high value in July against the rupee and those speculations were dying down to bring stability in the currency market”.
Malik Bostan Khan gives credit of good recovery of the rupee to timely actions of the federal governments like ensuring agreement with the International Monetary Fund (IMF) and the same time getting crucial financial support from friends of Pakistan.
Mr Khan said “ Today Pakistan stands out of risk of default and its strategy of curtailing unnecessary imports is bringing stability in the local currency market”.
Malik Bostan Khan strongly believes the government will fetch required inflows of funds from the friends of Pakistan and multi national donors agencies and put Pakistan’s journey of progress back on the track. He said “ Prime minister , Shahbaz Shairf, has successfully done firework and saved Pakistan from economic turmoil and from here onward his government is all set to bring economic stability in Pakistan”.
