The Pakistani rupee maintained its upward trajectory against the US dollar in the open market on Thursday.
The dollar was selling at Rs 312 during trading as the gap with the inter-bank rate narrowed further.
The rupee also strengthened in the interbank, after gaining Rs2.04 it reached Rs304.94, according to the State Bank of Pakistan.
— SBP (@StateBank_Pak) September 7, 2023
The dollar fell by Rs5 from Rs312 to Rs307 in the open market following the trend of recent days.
The rate had fallen by Rs8 on Wednesday.
On Wednesday, the rupee went for a slight recovery against the US dollar to settle at 306.98, an appreciation of 0.04 percent, in the inter-bank market.
“Market expects rates may fall further amid the State Bank of Pakistan’s (SBP) latest measures,” said a dealer.
On the other hand, former federal minister and former PTI leader Faisal Vawda credited military leadership including Chief of Army Staff (COAS) General Asim Munir for appreciation in the value of the local currency against the US dollar.
“You should pay tribute… It is a happy day for Pakistan. The [exchange] value of dollar witnessed a decline after the army chief issued directives to DG ISI and DG C,” he said on Geo News’ program’ Capital Talk’.
He said due to the efforts of Gen Munir, the local currency gained Rs15 to Rs16 and in the next few days, it would drop by another Rs10 against the US dollar.
Vawda added that the State Bank of Pakistan (SPB) played no role in stopping the declining rupee.
“State bank is incompetent, it could not deal with the matter,” Vadwa said.