Sindh Governor Kamran Khan Tessori expressed optimism about the continued depreciation of the US dollar against the Pakistani rupee in the coming days. Governor Tessori attributed this positive trend to the effective measures implemented by the incumbent government.
The announcement followed the 14th consecutive recovery session for the Pakistani Rupee, which saw it gain Rs 1.01 against the US dollar in interbank trading, closing at Rs 291.76, a notable improvement from the previous day’s closing rate of Rs 292.77. However, according to the Forex Association of Pakistan, the open market rates for the dollar were slightly higher, standing at Rs 292.1 for buying and Rs 295 for selling.
The Pakistani rupee’s remarkable recovery can be largely attributed to the government’s crackdown on currency smugglers, hoarders, and black market activities.
During a joint press conference alongside Caretaker Commerce Minister Gohar Ejaz, Governor Tessori emphasized that the government was actively addressing significant issues. He highlighted the government’s commitment to providing affordable electricity and uninterrupted gas supply to both industrial and domestic consumers.
Furthermore, discussions were held regarding the challenge posed by illegal Afghan refugees, with Governor Tessori stating, “Addressing the traders’ problems is the top priority of the government.” He also revealed that ministers would engage in regular meetings with traders to address their concerns.
In a related development, Caretaker Commerce Minister Gohar Ejaz expressed hope that petrol prices would decrease on October 1 due to the rupee’s recent appreciation. Ejaz pointed out that the earlier surge in petrol and diesel prices, which occurred in the context of inflationary pressures, was primarily driven by the weakening of the US dollar. He credited the government’s effective measures for the decline in the dollar’s value, predicting that this reduction would positively impact the ongoing inflation concerns.
In a separate statement, interim Information Minister Murtaza Solangi hinted at the likelihood of a reduction in petroleum prices during the next fortnight’s review, scheduled for September 30. Minister Solangi attributed the rupee’s remarkable gains against the US dollar to administrative actions taken by the interim government in recent days.
These actions, which included a military-backed crackdown on hoarders, currency smugglers, and black market operators, helped the rupee recover substantially. It reached a rate of 291.76 per dollar in the interbank market, marking its highest level since September 5. The currency has strengthened by 5%, or Rs 15, since its recent low point, thanks to inflows from exporters, remittances, and measures by the central bank to promote legal channels for foreign exchange transactions.
Minister Solangi also clarified that the interim government had no direct influence on fuel prices, as they are linked to international oil rates. However, he expressed optimism that the reduction in petroleum prices was likely due to the prevailing economic conditions and the appreciating rupee.
