The Pakistan rupee continued to depreciate in the interbank market, losing another 1.46 against the dollar, while it gained ground in the open market.

The dollar was trading for Rs307.10 in the interbank market when the market closed, rising by 0.48 per cent from the previous close of Rs305.64, according to State Bank of Pakistan’s data.

In the open market, however, it was being traded at Rs324 in the afternoon, down from yesterday’s of Rs328.

“The army chief’s meeting and resolve to take on smugglers has led to the fall [in the dollar’s rate in the open market,” stated Khurram Schehzad, chief executive of financial consultancy firm Alpha Beta Core.

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The open market fluctuated yesterday as well during the day with the rate for greenbacks going up to Rs338 but coming back to the previous closing of Rs328.

The news about billions of dollars of possible foreign investments in Pakistan was listened to closely by the market and currency dealers said the claim could keep the market peaceful for the next few days.

Army chief meeting with businessmen

Army Chief, General Asim Munir, in a four-hour meeting with some 50 businessmen on Saturday, signalled towards the country’s bright future in view of the upcoming huge foreign investments in various sectors.

The army chief said that during his recent visit to Saudi Arabia, Saudi Crown Prince Mohammed Bin Salman, had assured the army chief of investing $25bn in Pakistan aimed at attracting investment in the agriculture sector by offering land and ensuring exports.

Sources said the army chief has asked the Saudi prince to set aside $10bn to overcome the country’s foreign exchange issues which would be returned in rupees.

While referring to the meeting in the UAE, the army chief had also requested the UAE ruler to provide $10bn for improving foreign exchange reserves on which the UAE ruler had reportedly agreed.

Gen Asim Munir also assured businessmen of bringing $25-30bn investment from Qatar and Kuwait in his next visit to improve the country’s economy. He said that he would try to bring a total of $75-100bn investment from Saudi Arabia, the UAE, Qatar and Kuwait.