Rupee Recover Against Dollar Expect to See Decline in Petrol Price
As the local currency recovers against the US Dollar, consumers can expect to see a decline in the petrol price. This announcement was made by Interim Information minister Murtaza Solangi at a press event held on Saturday at the Karachi Press Club.
Solangi attributed the development to the recent strengthening in the Pakistani Rupee, which gained Rs. Solangi attributed this development to the recent strengthening of the Pakistani rupee, which has gained Rs. 35 dollars against the rupee The interim government has been cracking down on black market dealers and smugglers over the last few days, which is why the rupee value is surging.
After the rupee fell to an historic low of Rs. 308, a military-backed crackdown was launched against currency hoarders, currency thieves, and black market traders. The interbank market saw the rupee drop to Rs.308 and then rise above Rs. The open market reached 330 earlier in the month.
It has reached its highest level in five months, 291,76 rupees per dollar on the interbank markets. They has increased by Rs. It has appreciated by Rs. 15 thanks to the increased dollar inflows of exporters and remittances.
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The minister said that, while the interim government does not control petrol price directly, the drop in prices will be a result of the strengthening rupee and will bring relief to the public. The previous revision of fuel prices on 16 September reached record highs for petrol and diesel, which caused concern among consumers. Petrol is currently priced at Rs. The current price of petrol is Rs. 329.19 per liter.
Malik Bostan expressed his optimism, as Chairman of the Exchange Companies Association of Pakistan.
That the government would crack down on currency-related malpractices, potentially bringing the rupee below Rs. 250 per dollar. Bostan revealed that the crackdown also exposed illegal collaborations between black-market operators and banking personnel leading to dollar trades through hawala/hundi.
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