Pkr broke a 6-day winning streak against the dollar on November 4th, Pakistani rupee lost 0.02% to close the session at Pkr 170.01 in the interbank market — while yesterday Pkr closed at Pkr 169.97.
The Pakistani rupee lost 0.02% has been on an uptrend since Pakistan received funds worth $3 billion from Saudi Arabia last week and had gained around Pkr 5.30 against the greenback during the period of October 27-November 3.
Earlier, speaking to Geo.tv, Arif Habib Limited’s Head of Research Tahir Abbas had said that the correction during the week was in line with market expectations.
Analysts suggest that clarity regarding International Monetary Fund (IMF) and declining trade deficit has improved rupee-dollar parity.
Abbas had predicted that the rupee will remain in the consolidation phase as with the revival of the IMF programme, Pakistan will also get funds/loans from World Bank and Asian Development Bank.
He had said that keeping in view the measures taken by the government and central bank, the local currency is expected to touch Pkr 167-168 against the US dollar.
