The dollar fell by Rs1.96 against the rupee in the inter-bank market on Monday. The US currency was being traded at Rs220.50 in the early morning trade. The dollar was being traded at Rs227 in the open market.

The dollar closed at Rs222.47 in the inter-bank on Friday, the State Bank of Pakistan reported.

The development comes after Finance Minister Ishaq Dar’s meetings with the heads of foreign exchange companies and presidents/CEOs of the leading commercial banks on Saturday.

The finance minister had requested the forex companies to ensure “appropriate exchange rates” for the betterment of the country.

The heads of exchange companies had proposed measures to bring about stability in the US-Pakistan rupee exchange in Pakistan. They affirmed that the real exchange rate was “much lower than the prevailing exchange rate” in the market and expressed hope that the recent measures taken by the SBP would very soon bring down the exchange rate to its real level.

They also assured the finance minister of their full support to ensure the economic and financial strengthening of Pakistan.

“The government’s financial situation is fully ‘solvent’ and the government is fully committed to fulfilling its local and international commitments,” Dar had said during a meeting with the president/CEOs of the leading commercial banks of Pakistan on Saturday.

He urged the banks to play their due role in the financial and economic stabilisation and progress of the country.

This is a developing story and will be updated throughout the day.