The PKR resumed to recover for the 2nd continious day, gained with Rs1.62 against the dollar in the interbank market.
However, the Pakistani currency was being traded at Rs218.5/dollar after valuing 0.73%, as per data shared by the Forex Association of Pakistan.
General Secretary of ECAP (Exchange Companies Association of Pakistan) Zafar Paracha stated that the demand for the dollar fell and investor belief was restored after IMF approved the release of a critical $1.1 billion loan tranche.
Moreover, he added further that the major difference between the dollar rates in the interbank and open markets was decreased and likely to drop further.
It seems the rupee’s value could improve to 200/dollar in upcoming days, Paracha stated.
Meanwhile, the dollar smuggling was also ceased after stricter controls at the border.
