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KARACHI: On Wednesday, the local currency gained Rs1.75 against the US dollar in the interbank market as Pakistan got the Memorandum of Economic and Fiscal Policies (MEFP) from the International Monetary Fund (IMF) for the combined seventh and eighth reviews.
According to the State Bank of Pakistan, the local currency was trading at Rs204 during intraday trade but fell to Rs205 when the market ended (SBP).
In the interbank market, the Pakistani rupee increased by Rs1.75, or 0.85 percent, to settle at Rs205.12.
The rupee is anticipated to complete tomorrow’s fiscal year in a range of 202-205, according to analysts.
Samiullah Tariq, Head of Research at Pakistan-Kuwait Investment Company, told that the local currency recovered as a result of the IMF’s good news.
“The market is hopeful that the government will accept those criteria after small talks,” he continued, “even though the MEFP paper received from the IMF has some strong conditions and hints towards additional tightening.”
In an interview, Arif Habib Commodities’ Managing Director and CEO Ahsan Mehanti listed three causes for the rupee’s strengthening against the dollar.
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