KARACHI: For the second consecutive session, the local currency on Thursday gained against the dollar amid news that the International Monetary Fund (IMF) will hand over the Draft Economic and Financial Policies (MEFP) to Pakistan today. will
During intra-day trade, the rupee rose to 4.83 against the dollar in the interbank market. The greenback is currently changing hands at Rs 268.50 while it closed at Rs 273.33 a day ago.
Exchange Companies Association of Pakistan (ECAP) general secretary Zafar Paracha called it a “good day for Pakistan’s economy”.
“The main reason behind [the rupee’s appreciation] is the nearing staff-level agreement between Pakistan and the IMF, with sources claiming that talks have been successful,” Pracha said.
Another factor that led to the appreciation of the rupee in the interbank market was that exporters who had made payments started cashing in and remittances from overseas Pakistanis, currency dealers said. It started.
“In the coming days, the economy will improve and foreign direct investment will also be received,” Pracha predicted.
Capital market expert Saad Ali told JEE News that the rupee appreciated due to rising market optimism about economic stability on news of Qatar’s investment in government assets.
He agreed that the news of the positive outcome of the IMF talks was also a factor in favoring the local currency.
