Pakistani rupee’s marathon run against US dollar losing steam
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After being hammered for nearly two weeks, the US dollar has started to show some resistance to the onslaught of the Pakistani rupee as the greenback surged by 38 paisas in the interbank trading on Thursday, reported 24NewsHD TV channel.
The greenback ended the day at Rs218.50 with the gain of 50 paisas amid reports Finance Minister Ishaq Dar has landed in Washington for talks with IMF and World Bank on some debt relief.
On Wednesday, the US dollar increased by nine paisas and closed the day at Rs217.88.
The rupee is showing resilience since Finance Minister Ishaq Dar took the charge of Finance Ministry and warned speculators of strict action for artificially appreciating the rate of dollar. He said that the actual rate of US currency should have been below Rs200.
The State Bank of Pakistan has started a crackdown on traders and commercial banks who were involved in the speculative trading which has enabled the local unit to resuscitate.
Besides this, the SBP has been providing liquidity to the market which is likely to help banks in releasing payments to clear import backlog.
Reporter Ashraf Khan