Web Desk (LTN NEWS): PKR continues to recover on Thursday. During early trade in the interbank market, PKR gained Rs1.48 against the dollar. Analysts think this is because the State Bank of Pakistan (SBP) got a much-needed $1.16 billion deposit from the International Monetary Fund (IMF).
According to the data released by the State Bank of Pakistan, the price of the dollar decreased by 15 paise to Rs 218.60 at the end of the interbank business.
There is a mixed trend in the price of the dollar in the country today, the dollar is marginally cheaper in the interbank market, while it became expensive by 3 rupees in the open market.
Malik Bostan, the head of the FAP, said that after IMF’s deposit, the market mood would improve and the rupee would rise sharply against the dollar. There is a prediction that rupee can be recovered to 205-210 this month.
IMF deposit
After IMF sent a deposit to the SBP on Wednesday, PKR gains value. In a late-night tweet, the SBP confirmed the news and said it is sure it will help the country’s foreign exchange reserves.
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Since the IMF gave the green light to release the important bailout money three sessions ago, the rupee has been getting better.
