Web Desk(LTN News): For the second straight day, the PKR strengthened against the dollar in the interbank market on Wednesday, gaining Rs1.62.
According to the Exchange Companies Association of Pakistan (Ecap) General Secretary Zafar Paracha, when the International Monetary Fund (IMF) approved the delivery of a critical $1.1 billion loan tranche, demand for the dollar decreased and investor confidence was restored.
He continued by saying that the significant gap between the dollar rates in the open and interbank markets had shrunk and was likely to narrow further. “It appears the rupee’s value can improve to 200 per dollar in the coming days,” Paracha said, adding that smuggling of the dollar to Afghanistan also stopped after stricter controls at the border.
