The Pakistani rupee on Thursday gained more ground against the US dollar as it appreciated by Rs4.83 in the interbank market at the start of today’s trading session.
The local currency was trading at Rs268.50 during intraday trade around 10:30am.
On Wednesday, the Pakistani rupee clawed back against the greenback as the market was hopeful of a positive outcome of the ongoing talks between the government and the International Monetary Fund (IMF).
The rupee appreciated Rs2.95 or 1.08% against the dollar to close at 273.33, according to the State Bank of Pakistan (SBP).
In total, the dollar has shed Rs8.7 in the interbank market so far this week.
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 said that another factor that led the rupee to gain in the interbank market was that the exporters who had held payments started encashment and the inflow of remittances from overseas Pakistanis, has also started.
“The economy will be better in the coming days and foreign direct investments will also be received,” predicted Paracha.
Capital market expert Saad Ali told The News that the rupee rallied due to the rising optimism in the market about economic stability led by news of investments by Qatar in state-owned assets.
He agreed that news of IMF talks ending on a positive note was also a factor for the local currency to gain ground.
