LAHORE – Pakistani rupee has registered significant gains against the US dollar in past 13 consecutive session after the local currency dropped to historic low level both in interbank and open market.
It was on September 5 when the greenback crossed the all-time high level Rs308 in the interbank while it was being traded at Rs333 in the open market on the same day amid fears of further depreciation of rupee.
However, the dollar started losing ground after Chief of Army Staff General Asim Munir assured the business community of bringing transparency in the currency exchange rate and narrowing the gap between interbank and open market rates.
As of today, the dollar has dropped to Rs291.40 after losing Rs1.37 against rupee. It is available at Rs295 in the open market on Friday (September 22).
A journalist Kamran Yousaf has claimed to have an inside story, explaining how the gaining streak of the dollar was snapped.
He claimed that a powerful official held a meeting with leading money changers of the country in Islamabad a day earlier. He said the meeting lasted for only two minutes.
He added that the official told them after greetings that the real value of dollar is Rs250 and “we want the same rate in the market”.
“If it is not implemented, you will be responsible for the consequences,” the person warned the money changers and left the room without hearing them.
Asian Development Bank forecasts Pakistan s GDP to recover modestly to 1.9pc in FY24
