Business Desk:
The Pakistani rupee continues to reassert against the US dollar. On Thursday, the rupee closed at Rs.218 per dollar in the interbank market. The rupee had suffered badly last month.
Meanwhile, in the open market, the rupee was being traded at 214.5 against the greenback at 4:30 pm, according to data shared by the Forex Association of Pakistan (FAP).
FAP Chairperson Malik Bostan attributed the rupee’s continued recovery to several factors, including the expected release of the International Monetary Fund (IMF) tranche by August 19 to 24 which he said had created confidence among investors and ended the crisis the market was facing.
Alpha Beta Core CEO Khurram Shehzad said discussions about the materialization of inflows had led to the PKR’s recent gains.
“The IMF will hold its board meeting in 10-12 days, following which $1.2 billion are expected to be received and there is news that a package of up to $5bn can be received from friendly countries UAE, Saudi Arabia, and Qatar. China is also talking about further rollover of loans,” he noted.
