Pakistani rupee continues its appreciation run against US dollar

F.P. Report

KARACHI: The buoyed Pakistani rupee pressed on its marathon rise against the US dollar and on Thursday the Pakistani currency scored a handsome gain as the investors took positions in the intrabank market.

Following government’s announcement that Pakistan will receive not one but two tranches from the International Monetary Fund (IMF), the rupee building on Wednesday’s gains appreciated by 87 paisas pushing the dollar further down to Rs204.25 as the business started. Later, by noon, the rupee consolidated its gains by Rs1.37, cutting the dollar down to Rs203.75. However, as the day concluded the rupee only gained 27 paisas as closed at Rs204.85.

On Wednesday, the greenback concluded the trade at Rs205.15 down by Rs1.75. In the open market, the situation was not different where the US dollar shed Rs1.50 and settled the day for Rs205.

Experts said the rupee was able to shed off some pressure after receiving $2.3 billion from a Chinese consortium and a positive news from the IMF. They said the situation was expected to improve further after Pakistan will receive an IMF tranche next month. They were also of the view that those investors who were holding back their dollars were now forced to sell them.

Earlier, Finance Minister Miftah Ismail had disclosed that the Government of Pakistan had received an MEFP from the IMF for combined 7th and 8th reviews.