As the local currency keeps strengthening against the US dollar, consumers could experience some relief from falling oil prices. This declaration was made by interim information minister Murtaza Solangi on Saturday at a news conference held at the Karachi News Club.
The recent strengthening of the Pakistani rupee, which has increased by 30 to 35 rupees in relation to the US dollar, was cited by Solangi as the cause of this development. The interim government’s recent assault on black market traders and smugglers is what caused the rupee’s value to soar.
After the rupee plunged to a historic low of Rs. 308 in the interbank market and crossed Rs. 330 in the open market earlier in the month, a military-backed crackdown against hoarders, currency smugglers, and black market sellers was launched.
Read More: Rupee Gains Further Ground Against US Dollar
The rupee has since recovered and is presently trading at its highest level since September 5 at 291.76 to the dollar on the interbank market. Thanks to increased dollar inflows from exporters, remittances, and the central bank’s initiatives to support legitimate channels for foreign exchange transactions, it has appreciated by Rs. 15 since then.
The minister highlighted that although the interim administration does not have control over fuel costs, the drop in oil prices is a result of the rupee’s strengthening, and it will be a great relief to the populace. Consumers were concerned when fuel prices were revised before on September 16 and hit historic highs for gasoline and diesel. Currently, the cost of gasoline is Rs. 331.1 per liter, while the cost of high-speed diesel is Rs. 329.19 per liter.
Furthermore, Malik Bostan, Chairman of the Exchange Companies Association of Pakistan (ECAP), expressed confidence that the government’s campaign against currency-related wrongdoings will strengthen the position of the rupee and maybe lower it to below Rs. 250 per dollar. Bostan further disclosed that the crackdown had revealed unauthorized alliances between members of the black market and the banking industry.
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