Karachi September 5 2023: Pakistani Rupee on Tuesday witnessed gain of 7 rupees against the US dollar in the open market and trading at PKR 324 on expectation of huge investment of USD 75 billion in next 5 years against the previous day’s closing of PKR 331.
On Sunday, Chief of Army Staff (COAS) General Asim Munir provided reassurance to the business community, affirming the commitment to promoting transparency in both open market dollar exchange and interbank rates.
The buying and selling rates of the dollar in the open market stand at PKR 323.8 and PKR 327, respectively.
In Interbank Pakistan Rupee devalue by PKR 1.3 or 0.4 percent to trade at PKR 306.94 (PST 12:20) against yesterday closing of PKR 305.64.
On Monday, Pakistan’s interim Prime Minister Anwaar-ul-Haq Kakar announced that Saudi Arabia is planning to allocate an investment of approximately USD 25 billion in Pakistan within the upcoming two to five years. This investment will encompass diverse sectors, and the Pakistani government under his leadership intends to restart a previously halted privatization initiative.
Earlier on Friday, the Kakar has said that an estimated foreign investment of USD 60 to USD 70 billion is expected in the next three to five years under the government’s new initiative of Special Investment Facilitation Council (SIFC).
“The gap is still huge and needs to narrow to 1.25 percent. Either Interbank has to be PKR 315/USD or Open market rate has to come down to Rs 315/USD, in order to ensure a parity while meeting the IMF structural benchmark” says Economist Khurram Schehzad.
