Web Desk (LTN NEWS): In the interbank market on Friday, the Pakistani rupee kept going up against the US dollar for the 11th straight session. This is because international financial institutions are expected to send help.
Around 10 a.m., the local currency was being traded between banks at Rs220.50, which was an increase of Rs1.44 from yesterday’s close price of Rs221.94.
A foreign exchange dealer said that the rupee went up because people were optimistic and they thought that international financial institutions would give them money.
Read Rupee keeps getting better against Dollar
Mustafa Mustansir, the head of research at Taurus Securities, said, “The rupee has been going up because the new finance minister has made people feel better about the economy.”
Reports say that the Asian Development Bank (ADB) is likely to give Pakistan about $2 billion in loans on October 21 to help boost its falling foreign exchange reserves.
“However, we need to see how the market responds to the bad news about Pakistan’s economy from the international rating agency Moody’s,” the dealer said.
On Tuesday, the local currency gained Rs3.50 and closed at 223.50 per dollar on the open market. On Wednesday, it lost Rs3.94 and closed at 221.94 per dollar on the interbank market. It went up by Rs2 or 0.90 % from the day before.
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