The dollar was priced at Rs 166
Karachi … News Time
In the interbank market, the rupee appreciated against the dollar and the dollar gained 166 rupees. According to data provided by the Exchange Companies Association of Pakistan (ECAP), the dollar was trading at Rs 167 on Friday morning at Rs 166 at the end of trading in Interbank. The dollar had reached Rs 169.5 on Friday before the clear bank’s intervention, which is a record, after which the central bank intervened to provide assistance to the local currency, after which it reached Rs 165 at the end of the first part of the business.
Terrence Marks analyst Iman Khan said that the State Bank allegedly intervened when the dollar reached the psychological threshold of Rs 170, the dollar was the highest selling at 169.5 and after the intervention of the central bank it touched 164.75 and at the end of the first session it was at 165.50. He added that the pressure was lower today due to the hot money, after which we saw a drop in the flow, which later sold for between $ 162 and $ 165. The flow of hot money, which crossed the $ 1.5 billion mark this month, reached $ 21800,000 on March 26, up from $ 7 million earlier. A similar analysis was also given by former ACAP General Secretary Zafar Pracha, who said
That the central bank intervened when the dollar had reached close to Rs 170 and this intervention brought it to Rs 164.
It should be noted that the investment used by the central bank to intervene is not yet known, in this regard, Zafar Pracha said that $ 15 million or less would have been used by the central bank for the intervention. He made it clear, however, that it could not be clearly stated yet that these were all assumptions. On the other hand, according to the State Bank, the dollar was sold for Rs 165.5, which is 60 paise less than the previous day’s Rs 166.1. It should be noted that the impact of the overall situation in the country is also visible economically and the US dollar was seen to rise against the rupee for the second consecutive day. At 1.30pm on Thursday, the dollar was seen rising by Rs 4.50 in the interbank market and reached Rs 167. Earlier, the data provided by the State Bank of Pakistan showed that the dollar had increased from Rs 159 to Rs 161.60 a day earlier.
