Greenback will fall to Rs250-255 against the local unit in the coming days: Governor Sindh Kamran Tessori

KARACHI, Sep 23 (SABAH): Sindh Governor Kamran Khan Tessori on Saturday claimed that the market will see a further decline in the dollar rate, adding that the greenback will fall to Rs250-255 against the local unit in the coming days.

A day earlier, Pakistani Rupee witnessed the 14th consecutive recovery session as it gained Rs 1.01 against the US dollar in the interbank trading and closed at Rs291.76 against the previous day’s closing of Rs292.77. However, according to the Forex Association of Pakistan, the buying and selling rates of the dollar in the open market stood at Rs 292.1 and Rs 295, respectively.

The Pakistani rupee massively recovered against the US dollar since the government launched a crackdown against currency smugglers, hoarders and black marketers.

Caretaker Minister for Commerce and Industries Gohar Ijaz and Governor Sindh Muhammad Kamran Khan Tessori held a joint meeting with the businessmen, traders and exporters in Karachi on Saturday.

The supply of low cost electricity and gas and other issues relating to the business community came under discussion during the meeting.

Speaking on the occasion, Governor Sindh said efforts are being taken to ensure the supply of low cost electricity to the consumers.

Addressing a joint press conference, flanked by Caretaker Commerce Minister Gohar Ejaz, the Sindh governor said that the government was taking effective measures to address significant issues. He maintained that the government was taking steps to provide cheap electricity and uninterrupted gas supply to industries and domestic consumers.

The governor said that they have also discussed the illegal Afghan refugees’ issue.

“Addressing the traders’ problems is the top priority of the government.” He said that ministers will hold meetings with the traders on a monthly basis to address their issues. 

On the other hand, the caretaker commerce minister hoped that the petrol prices will fall on October 1 due to the appreciation of the rupee.

Amid back-breaking inflation, the caretaker government on September jacked up the petrol price by more than Rs26 and diesel price by over Rs17 per litre in its fortnightly review.

Ejaz blamed dollar’s flight for the recent spike in inflation, adding that the greenback’s value continued to decline due to effective steps taken by the government.

“Reduction in dollar’s value will have an impact on the current inflation.” Dollar’s value slashed in interbank and open market, he said, adding that it will provide relief to the masses.

The Caretaker Minister said the government is determined to resolve energy crisis to facilitate businessmen in the country. Gohar Ijaz praised the role of Karachi in the country’s economy and said the businessmen of Karachi can single-handedly take the country out of economic crisis.