A monthly overview of the Dollar Rate in Pakistan during September 2022 with reference to the Pakistani Rupee and its graphical representation
Since the change in the Government of Pakistan in April 2022, the economy of Pakistan is showing abnormal and unprecedented behavior. Huge variations are being observed in the FE conversion rates with reference to Pak Rupee. During the months of March and April 2022, the dollar rate was hovering between Rs.180 to Rs.190 which started to rise in the month of May after the change of Government in April 2022 and touched the highest-ever level of Rs.240 in the month of September 2022. Apart from the internal factors, some external factors such as the global social and economic situation have also put a negative impact on the economy by disturbing the balance of trade, especially for oil prices due to the shortage of supply globally.
A monthly review of the dollar rate during the month of September 2022 is given in the following table:-
| Sr No | Date | Rate |
|---|---|---|
| 1 | 1 | 218.5 |
| 2 | 2 | 218.95 |
| 3 | 5 | 219 |
| 4 | 8 | 223.9 |
| 5 | 13 | 230.3 |
| 6 | 14 | 232.4 |
| 7 | 15 | 234.8 |
| 8 | 16 | 236.45 |
| 9 | 19 | 237.3 |
| 10 | 20 | 238.35 |
| 11 | 21 | 239.35 |
| 12 | 22 | 240.1 |
| 13 | 23 | 240.15 |
| 14 | 26 | 240.1 |
| 15 | 28 | 234.15 |
| 16 | 29 | 232.4 |
The graphical representation of the Dollar rate in Pakistan during September 2022 is as under:-
The graph shows a rise in the rate from Rs.218 to Rs.240 and then again a decline in the last week of the month to the level of Rs.232.4 as of 29th September 2022. The mean dollar rate during the month was Rs.232.26 which is 4.9% higher than the mean conversion rate of the US Dollar with the Pak Rupee for the previous month, August 2022 which was Rs.221.39. The fall in the conversion rate was observed immediately after the breaking of news of the return of the former Finance Minister Ishaq Dar to chair the seat of Finance Minister. Experts have strong expectations that the situation of the economy in the country will be improved in the near future. The expectations are based on the past performance of the newly appointed finance Minister in keeping the economy and the Dollar exchange rate at a stable level during the previous tenure.