Pace of rupee rise slows down

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KARACHI: Pakistani currency maintained its uptrend in inter-bank market for the 28th successive working day on Monday but it gained less than Rs1 against the US dollar for third day in a row, indicating the currency is gradually entering the stabilisation phase.

Earlier, on most of the days in the past four weeks, the currency recovered more than Rs1 a day. According to State Bank of Pakistan’s (SBP) data, the currency registered a fresh appreciation of 0.29%, or Rs0.79, and closed at Rs276.83 to a dollar.

It has cumulatively gained around 11%, or Rs30.27, in the past 28 working days compared to the record low of Rs307.10/$ hit on September 5, 2023.

The fresh recovery came after Finance Minister Shamshad Akhtar held a meeting with high officials of the United Arab Emirates to seek the release of more financing and investment from the Gulf nation.

Besides, the international financial institutions including the World Bank and the Asian Infrastructure Investment Bank announced that they would provide $600 million to Pakistan under the RISE-II economic stabilisation programme.

At the same time, the Ministry of Finance emphasised that World Bank’s financing of $400 million for flood relief was on track, dismissing talk that the bank had withdrawn from its commitment.

In open market, the currency closed unchanged at Rs277/$, according to the Exchange Companies Association of Pakistan (ECAP). The rupee has regained 18.41%, or Rs51, over the past one month in retail market.

Meanwhile, the local gold pricing committee revised down the commodity’s price by Rs1,900 to Rs200,100 per tola (11.66 grams).

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