KARACHI. August 11, 2022. The rupee made another major gain strengthening its value against US dollar in the local market on Thursday. The local unit pegged at Rs 216.50 in interbank market at the closing of the trading session. The rupee value in the open market recorded its value at Rs 212 (buying) and Rs 214 (selling) at closing of the market.
The rupee is continuously making gain in the current month after touching the lowest level against US dollar in July this year. On July 16, 2022 the local unit had gone down to Rs 239.50 in the interbank that shook the confidence of the investors very badly. Alarming depreciation in value of the rupee also caused a bloodbath in stock market, losing hundreds of billions of the investors.
With coming of the government in action in early days of August , the rupee started to gain its value in both interbank and open market . During the last 7 working days, the local currency has made quick recovery against US currency, bringing stability in the currency market besides restoring the investors confidence in Pakistani currency.
Malik Bostan Khan , president Forex Dealers Association of Pakistan (FDAP) gave credit of fast recovery of the rupee to the government . Talking to NEWSMAN by phone, Malik Dostan Khan said “ The continuous appreciation of the rupee vis a vis dollar is a result of smart actions of the government like curtailing of import bill by $ 3 billion in July as compared to June this year helped the rupee get of US currency pressure.
He said “ Mr Miftah Ismail did great job by cutting down import bill in July and continuity of this strategy will help the rupee gain more value in coming days.
Mr Khan is hoping that the rupee value can further appreciate to take it to Rs 180 to a dollar in coming weeks.
Malik Dostan Khan also gave credit of quick recovery to army chief, Qamar Javed Bajwa, who intervened personally to make sure that International Monetary Fund (IMF) agrees to close its agreement with Pakistan on priority basis. He said the news of early agreement between Pakistan and IMF has restored confidence of the investors in Pakistan’s economy and it subsequently helped the rupee appreciate against US currency.