{"id":11085,"date":"2023-10-05T12:09:25","date_gmt":"2023-10-05T12:09:25","guid":{"rendered":"https:\/\/news.pakistaninewspaperlist.com\/pkr-gains-further-against-usd-closes-near-283-in-interbank\/"},"modified":"2023-10-05T12:09:25","modified_gmt":"2023-10-05T12:09:25","slug":"pkr-gains-further-against-usd-closes-near-283-in-interbank","status":"publish","type":"post","link":"https:\/\/pakistaninewspaperlist.com\/news\/pkr-gains-further-against-usd-closes-near-283-in-interbank\/","title":{"rendered":"PKR gains further against USD, closes near 283 in interbank"},"content":{"rendered":"

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The rupee extended its gains for the 21st consecutive session on Thursday, appreciating by a further Rs1.06 against the US dollar in the interbank market.<\/p>\n

According to the Forex Association of Pakistan, the greenback was changing hands for Rs283.50 at 9:44am in the interbank market, which is buoyed by the recent crackdown on the informal currency market.<\/p>\n

By the closing time, the dollar stood at Rs283.62, depreciating 0.37 per cent, the State Bank of Pakistan said.<\/p>\n

Meanwhile, the benchmark KSE-100 index continued its momentum of trading in the green, gaining 372.55 points, or 0.79 per cent, closing at 47,452.38 from the previous 47,079.83 points.<\/p>\n

Experts have questioned the sustainability of the rupee\u2019s rally, and had earlier projected that it would not make it below the 285 mark<\/a> due to dwindling foreign exchange reserves amid low inflows and weak economic fundamentals.<\/p>\n

In an Op-Ed<\/a> for Dawn<\/em> published today, journalist Khurram Hussain wrote that pulling through the current economic crisis would take \u201cmore than a crackdown and certainly more than a bailout or even two\u201d.<\/p>\n

Speaking to Dawn.com<\/em>, Tahir Abbas, the director of research at Arif Habib Limited, noted a recent report<\/a> regarding the rupee\u2019s performance and said it was the best-performing currency for the month of September.<\/p>\n

\u201cThis is primarily due to the crackdown against illegitimate demand, which includes illegal money exchanges and hundi-hawala,\u201d he said. \u201cThis [crackdown] was long due. This should have been done way earlier,\u201d he added.<\/p>\n

Abbas said that for the medium-term, the country needed to focus on managing multilateral and bilateral inflows as well as the International Monetary Fund (IMF) programme.<\/p>\n

He said that the current crackdown should remain \u201congoing\u201d. \u201cAnd mid to long-term, we need to focus on increasing exports as well as remittances and foreign direct investment,\u201d he said.<\/p>\n

Zafar Paracha, secretary general of the Exchange Companies Association of Pakistan, lauded the authorities\u2019 crackdown against smuggling. He noted that restrictions on Afghan transit trade had also shown positive results.<\/p>\n

He said that measures were being taken against those crossing the border illegally from Afghanistan. He said that the PKR has gone up by 25 against the greenback, adding that the rally was \u201cgradual and sustainable\u201d.<\/p>\n

\u201cIn the coming days, we will see the dollar go down to Rs250,\u201d he said. Paracha said that the industry would strengthen after the crackdown and the gross domestic product would also get better.<\/p>\n

\u201cThe drive by the government is making things better. In my opinion, the focus should not be on elections. Strengthening the conditions of the country should be our first priority,\u201d he said.<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

The rupee extended its gains for the 21st consecutive session on Thursday, appreciating by a further Rs1.06 against the US dollar in the interbank market. According to the Forex Association of Pakistan, the greenback was changing hands for Rs283.50 at 9:44am in the interbank market, which is buoyed by the recent crackdown on the informal […]<\/p>\n","protected":false},"author":2,"featured_media":11086,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"fifu_image_url":"https:\/\/i.dawn.com\/large\/2023\/10\/05114119c64cab5.jpg?r=114140","fifu_image_alt":"","footnotes":""},"categories":[192],"tags":[],"class_list":["post-11085","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-islamabad-news"],"acf":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/posts\/11085","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/comments?post=11085"}],"version-history":[{"count":0,"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/posts\/11085\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/media\/11086"}],"wp:attachment":[{"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/media?parent=11085"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/categories?post=11085"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/pakistaninewspaperlist.com\/news\/wp-json\/wp\/v2\/tags?post=11085"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}