KARACHI- Dollar has further depreciated against Pakistani rupee and now it values 97.90 rupees in the interbank market today.
Several prudent measures by the government including ban on import of gold and investment flows have helped strengthen the rupee.
According to State Bank of Pakistan‚ the country received foreign direct investment of 523 million dollars in the first seven months of current fiscal year with 106.9 million dollars in the month of January alone.
In addition‚ the expected receipt of 550 million dollars from the International Monetary fund along with the proposed launch of Eurobonds next month has also led to positivity in the foreign exchange market.
Earlier‚ the rupee had gone up sharply against dollar which declined to 99.90 rupees in the inter-bank market on Tuesday March 11, 2014.
Meanwhile‚ in an interview‚ Finance Minister‚ Muhammad Ishaq Dar said all out efforts are being made to stabilize Pakistani currency. He said national economy is showing upward trend and the rupee will further strengthen. Dar said inflation is moving down and foreign reserves increasing.
To a question‚ Ishaq Dar said international markets are reposing confidence in the markets of Pakistan and showing keen interest in different sectors.
He said measures are being taken to control the smuggling of gold. He said measures are also being taken to resolve energy problem and to add more energy in the system. Ishaq Dar said gas supply will be ensured to industrial sector.