KARACHI, Pakistan — Sindh Governor Kamran Khan Tessori made a bold prediction on Saturday, suggesting that the value of the US dollar would continue to decline in the coming days, potentially reaching Rs250-255 against the Pakistani Rupee.
This statement comes after the Pakistani Rupee recently experienced its 14th consecutive recovery session, gaining Rs 1.01 against the US dollar in interbank trading. The Rupee closed at Rs291.76, a positive change from the previous day’s closing rate of Rs292.77. However, the Forex Association of Pakistan reported that the open market rates for buying and selling the dollar were at Rs292.1 and Rs295, respectively.
The recovery of the Pakistani Rupee can be attributed to government efforts to crack down on currency smugglers, hoarders, and black market activities. Governor Tessori emphasized that the government is actively taking measures to address significant economic issues.
Speaking during a joint press conference alongside Caretaker Commerce Minister Gohar Ejaz, Governor Tessori also mentioned that the government is working to provide affordable electricity and uninterrupted gas supply to both industries and domestic consumers. The issue of illegal Afghan refugees was also discussed, highlighting the government’s commitment to resolving the concerns of traders.
Minister Ejaz expressed hope that petrol prices would decrease on October 1, thanks to the Rupee’s appreciation. Pakistan has been grappling with high inflation, and the caretaker government raised petrol prices by more than Rs26 and diesel prices by over Rs17 per liter in a recent review.
Minister Ejaz attributed the recent inflation spike to the strong US dollar, but he also noted that the government’s effective measures were causing the dollar’s value to decrease, which would, in turn, alleviate inflation pressures.
Furthermore, interim Information Minister Murtaza Solangi hinted at a potential reduction in petroleum prices during the next fortnight’s review, scheduled for September 30. He credited the recent strengthening of the Rupee, gaining Rs30 to Rs35 against the US dollar, to administrative actions taken by the interim government.
Solangi mentioned the government’s crackdown on hoarders, currency smugglers, and black marketeers, which led to a significant recovery in the Rupee’s value. The Rupee has risen by 5% or Rs15 since reaching its historic low of Rs308 in the interbank market earlier in the month.
The recovery was supported by increased dollar inflows from exporters and remittances, along with measures implemented by the central bank to encourage legal foreign exchange transactions.