- Rupee settles at 262.82 against dollar in interbank market.
- Adequate supply of dollar improves investors’ sentiment.
- Local unit closes day at 268 in open market.
Amid optimism regarding the revival of the International Monetary Fund (IMF) programme in the coming days and an improved supply of the greenback in the markets, the Pakistan rupee continued to register gains for the fourth consecutive session.
The local unit closed the day at 262.82 against the US dollar after gaining Rs1.56, or 0.59%, in the interbank market compared to Thursday’s close of 264.38. Meanwhile, the rupee value remained unchanged at 268 in the open market.
Currency dealers attribute this recovery to an improved supply of greenback as exporters are selling their dollar holdings to take advantage of better rates while an increase in remittance inflows is also observed.
The government has undertaken the necessary steps to secure the stalled IMF programme. It has depreciated the currency, increased the cost of gas and electricity, and ultimately unveiled a mini-budget, imposing new taxation measures in an effort to raise an additional Rs170 billion during the ongoing fiscal year 2022-23.
The government appears to be prepared for a staff-level agreement with the IMF since all known prerequisites for the Washington-based lender have been met.
The centre is trying to get the IMF on board in the next day or two as depleting reserves and upcoming repayments on external fronts have pushed the government into the corner. Inflows from the IMF will unlock flows from friendly countries and other multilateral institutions.
Moreover, foreign exchange reserves held by the State Bank of Pakistan (SBP) also rose over $200 million during the week ended February 10 after a hiatus of three weeks.
PKR on track to become top-performing currency this month: Bloomberg
- Pakistani currency rose around 6% this month against dollar.
- Authorities curb leakages happening through illegal channels.
- Crackdown on illegal dollar traders helps local currency.
The Pakistani rupee is on track to become the top performer globally in September as the caretaker government continues its crackdown on illegal dollar trade, Bloomberg reported Thursday.
The local currency rose around 6% this month against the dollar — an amazing feat despite the Thai baht and South Korean won tumbling against the greenback.
Major currencies lost ground against the dollar on speculations that the US interest rates will stay elevated for longer.
The rupee increased 0.1% to 287.95 per dollar on Thursday, after sliding to a record low of about 307 this month. Pakistan’s currency market will remain closed for the Eid Miladun Nabi holiday on Friday.
“Many leakages were happening through illegal channels of hawala and hundi trade from the open market,” Khurram Schehzad, chief executive officer of Alpha Beta Core Solutions Pvt Ltd, told Bloomberg.
“When the dollar rate reverses everybody, the hoarders, the exporters who are holding their export proceeds, start selling their dollars,” Schehzad said.
The interim rulers have intensified efforts by launching a crackdown on people involved in the illegal dollar trade, allowing the currency to gain some lost ground.
The Federal Investigation Agency, Bloomberg reported, conducted raids across the country and security officials in plainclothes were deployed at money exchanges to monitor dollar sales as part of the crackdown.
Caretaker Prime Minister Anwaar-ul-Haq Kakar this week said the rupee’s gain is “fostering optimism for stability.”
For its part, the State Bank of Pakistan raised the capital requirements of smaller exchange companies and ordered large banks to open their own exchange companies to make the retail foreign exchange market more transparent and easier to monitor.
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inDrive now available in five more Pakistani cities
KARACHI: inDrive, a popular ride-hailing service in Pakistan, has now expanded its network to five more cities across Pakistan including Larkana, Kāmoke, Sheikhupura, Hafizabad, and Okara.
In a statement issued by the transport company, the inclusion of these cities reflects inDrive’s dedication to bringing innovative transportation options to both urban centres and suburban areas.
Speaking about the expansion, Senior Business Representative at inDrive Hasan Qureshi said: “We are excited to extend the convenience and reliability of inDrive to residents of Larkana, Kāmoke, Sheikhupura, Hafizabad, and Okara.”
“Our mission is to redefine transportation by providing safe, affordable, and accessible rides to everyone. With this expansion, we are not only enhancing the commuting experience but also contributing to the economic growth and empowerment of these communities.”
PR Manager Sidra Kiran said that their new service offers city residents the convenience of accessing transport from their homes, eliminating the need to search for it.
“Both drivers and passengers stand to gain significant benefits, including time-saving and the elimination of challenges associated with street hailing. This service addresses issues such as locating rides during odd hours like early mornings or late nights,” she stated.
She further added: “inDrive ride-hailing presents numerous benefits to drivers in small cities, including flexible opportunities, reduced unemployment, supplemental income, enhanced community connection, and positive contributions to the local economy.”
The launch of the company in these cities would benefit both riders and driver-partners.
inDrive further said that it remains committed to upholding the highest standards of safety, affordability, customer service, and technological innovation.
inDrive is Pakistan’s premier ride-hailing service and is revolutionising the way people travel. With a commitment to providing safe, affordable, and reliable transportation.
The company allowed riders to connect with nearby drivers with its app.
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