The local currency gained against the dollar on Thursday for the second straight session as a result of reports that Pakistan will receive the final MEFP from the International Monetary Fund (IMF) today.
The rupee strengthened versus the dollar by 4.83 during intraday activity on the interbank market. The dollar is currently trading at Rs268.50 as opposed to the Rs273.33 it finished on the previous day.
Exchange Companies Association of Pakistan (ECAP) General Secretary Zafar Paracha termed it a “good day for Pakistan’s economy”.
The main reason behind [rupee’s appreciation] is the staff-level agreement between Pakistan and IMF drawing closer, with sources claiming that the talks went successful,” said Paracha.
The currency dealer stated that the exporters who had held payments started encashment and the inflow of remittances from abroad Pakistanis had also started as other factors that caused the rupee to appreciate in the interbank market.
In the upcoming days, the economy will improve, and foreign direct investments will also be welcomed, according to Paracha.
The rupee strengthened as a result of the market’s growing optimism about economic stability brought on by news of Qatar’s investments in state-owned assets, according to capital market specialist Saad Ali.
He agreed that news of IMF talks ending on a positive note was also a factor for the local currency to gain ground.
