RUPEE strengthens against USD, extends winning streak in interbank.
The local currency appreciated by Rupee 2.34 against USD, greenback during intra-day trade, and was exchanged at PKR 265 around 12:30 pm.
Capital market expert Saad Ali said the government is taking necessary steps to meet the conditions set by the international lender to restart the stalled loan program.
He added that this is what is hopeful about the resumption of the IMF program that will help rebuild the country’s foreign exchange reserves through multilateral and bilateral assistance.
According to the State Bank of Pakistan (SBP), the Pakistani rupee rose by Rs 2.1 or 0.79 percent to close at PKR 267.34 against the USD in the interbank market on Tuesday.
Fahad Rauf, head of research at Ismail Iqbal Securities, said on Tuesday, “The government is taking proactive steps, bringing Pakistan closer to resuming the IMF program. Moreover, the narrow gap between official and informal markets Due to the improvement in arrivals”.
Pakistan is taking necessary steps to restart the USD 6.5 billion IMF bailout program.
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