In an auspicious turn of events, the Pakistan rupee which has been witnessing an ignoble rout for the last several consecutive sessions has moved up a little against the US dollar by gaining 13 paisa in its value in the interbank trading on Friday. According to market data, the US dollar was depreciated by 13 paisa during the morning trade activity by 10:00am and was traded at Rs235.75 in the interbank. The yesterday’s close of the American currency was Rs235.88 which was up Rs1.56. Though the rupee has made a somewhat good start today, but the money dealers are of the view that unless the country achieves the political stability, reduce the current deficit, stop smuggling of dollar to neighbor countries, put a ban on non-essential luxury items, and stem speculative trading, the rupee volatility will continue and the local unit will remain under pressure. They are also of the view that if friendly countries give promised money to Pakistan, the market sentiment will change in local currency’s favour.
Credit: Independent News Pakistan-INP