Pakistani rupee smashes US dollar once again

By: News Desk      Published: 09:53 AM, 17 Nov, 2021
Pakistani rupee
Representational image.

A buoyed Pakistani rupee on Wednesday gained a further 79 paisas against the US dollar in the interbank trading, reported 24NewsHD TV channel.

The Pakistani currency after days of hammering by the greenback finally started flexing its muscles and scoring healthy gains in the last few days.

According to forex traders, the Pakistani rupee which closed Tuesday at Rs174.89 shot up to Rs174.10 when the markets opened on Wednesday morning.

Talking to media in Islamabad on Tuesday, Finance Advisor to Prime Minister Shaukat Tarin had given a hint of a slide in the rate of dollar against Pakistani rupee soon.

The advisor said the dollar would fall after the agreement with the International Monitory Fund (IMF). He said that the IMF had called for five precautionary measures before the deal, according to which, Pakistan had already increased electricity prices.

While he added that the bills related to eliminating tax exemptions and State Bank of Pakistan (SBP) autonomy had been prepared and the law ministry was finalizing the draft to move in the House.

Also Read: SBP calls monetary meeting to reduce market uncertainty on Nov 19

Shaukat Tarin categorically clarified that the currency rate and monetary policy were the prerogatives of the SBP.

Economic expert Assad Rizvi had said that the US dollar had increased its value by over rupees four during the last week alone. He opined that the demand for dollars has made its value pricey which was also becoming a huge challenge for the country’s trade deficit.

Assad Rizvi said the soaring price of oil and the ever-increasing demand for the dollars were putting pressure on the Pakistani currency.