Dar says dollar traded for Rs270 in open market, inflation easing

Notes the gains made by stock market

ISLAMABAD (Dunya News) – Finance Minister Ishaq Dar on Monday said the US dollar was being traded in the range of Rs270-272 in open market – a clear sign that he is relieved being a staunch advocate of strong rupee and open critic of the forces that led to the local currency’s depreciation during the last few years.

He also mentioned that the inflation was going down, saying that the Consumer Price Index had clocked at 29.4 per cent for June 2023 when compared to 38pc recorded in the corresponding month last year, as he cited the latest data released by the Pakistan Bureau of Statistics.

AlhamdoLilah—Mubrook 1. CPI Inflation clocks in@29%: As per the data released by PBS, CPI inflation for Jun’23 clocked-in at 29.4% compared to 38% YoY for May’23. 2. PSX added 2,334 points in KSE100 index by 1pm. 3. Pak Rupee vs Dollar in open Market @270/272.

— Ishaq Dar (@MIshaqDar50) July 3, 2023

Just like Prime Minister Shehbaz Sharif, Dar too talked about the Monday’s rally at the Pakistan Stock Exchange as the benchmark KSE-100 Index, he said, had gained 2,334 points by 1pm.

The stock market’s performance and the rupee growing stronger against the US dollar are a result of the $3 billion stand-by arrangement agreed with the International Monetary Fund (IMF) on the first working day after a five-day-long Eid break during which the much-awaited deal was finalised.

It is a bank holiday on Monday. The interbank exchange rate of dollar on the last working day before the Eid holidays was 285.99, meaning that the current open market value is way below the official price.  

Interbank closing #ExchangeRate for today https://t.co/LMMCkpDTXi#SBPExchangeRate pic.twitter.com/QHHi3Tj0nM

— SBP (@StateBank_Pak) June 27, 2023