ISLAMABAD: Pakistan’s rupee further added to its gains against the US dollar, and was up around 1.4% in the inter-bank market on Thursday.
At around 12:05pm, the rupee was being quoted at 228.99, an appreciation of Rs3.13 or 1.37% against the greenback, during intra-day trading.
On Wednesday, Pakistan’s rupee had registered a gain for the fourth successive session, closing at 232.12 after appreciating Rs1.79 or 0.77% in the inter-bank market, as investors factored in Ishaq Dar’s entry at the helm of the country’s economic affairs.
Dar, who replaced Dr Miftah Ismail as finance minister, on Wednesday said that the country is currently facing its worst economic crisis owing to the mismanagement of the previous Pakistan Tehreek-e-Insaf (PTI) government.
The finance minister said that our currency does not deserve to be where where it currently is. “I believe some speculators who had been playing the game have now stopped,” he said.
“We believe in the market economy but no one will be allowed to play with the local currency. The speculators or Hundiwalas do not understand that depreciating the local currency by Re1 results in piling up debt by Rs110 billion.”
Globally, currencies continued to be pressured by a US dollar boosted by hawkish Federal Reserve monetary tightening.
The dollar index, which measures the greenback against a group of major currencies, was last at 112.660 after hitting a fresh 20-year high of 114.78.
Oil prices, a key determinant of currency parity, retreated slightly on Thursday after gaining more than $3 in the prior session, with a strong dollar capping oil demand from buyers using other currencies and concerns over the faltering economic outlook clouding market sentiment.