Monitoring Desk:
The Pakistani rupee continues to rise in the market after political stability in the country. The rupee continues to gain for the ninth consecutive session on Friday.
According to the State Bank of Pakistan (SBP), the PKR closed at Rs215.49 against the dollar, having appreciated 1.57 percent.
Mettis Global Director Saad bin Naseer said he believed the rupee’s rise was because exporters, who were earlier holding their dollar earnings abroad, have now started to bring their proceeds into the country amid the local currency’s appreciation.
On the other hand, demand for the dollar has been subdued due to the government’s intervention to keep imports in check, he said.
However, Naseer cautioned that any negative news on the political front could lead to the rupee’s fall again. “Political stability is a must for the positive trend to continue, otherwise the rupee will erase all its gains.”
General Secretary of Exchange Companies Association of Pakistan (Ecap), Zafar Paracha, shared a similar view. He said the exporters had previously stopped bringing their proceeds into Pakistan but were offloading their dollars now while the importers who were earlier worried and buying the greenback for future forwards had stopped doing so.
