Web Desk (LTN NEWS):
The Pakistani rupee kept going up against the US dollar. On Thursday, it was trading between 217 and 218 on the interbank market. At around 1:30 pm, the rupee was worth 217.79 against the US dollar. This was up Rs4.12 or 1.9% from earlier in the day.
The rupee has been steadily getting better since it hit a record low last month, and it kept going up on Thursday. On the interbank market, the local currency had risen by Rs2.71, or 1.2%, to Rs219.2 per dollar by 9:52 a.m., according to data from the Forex Association of Pakistan (FAP).
FAP Chairperson Malik Bostan said that the rupees continued recovery was due to a number of things, including the expected release of the International Monetary Fund (IMF) tranche between August 19 and 24. He said that this gave investors confidence and ended the market crisis.
He also said that Pakistan’s Eurobond rating had gone up, that the country’s import bill was steadily going down, and that August inflation numbers were likely to be lower than in previous months
Bostan said that the rupee could keep going up in the next few days and be worth 200 dollars.
Alpha Beta Core CEO Khurram Shehzad said that the recent gains of the PKR were caused by talks about how inflows would become real.
“In 10–12 days, the IMF board will meet. After that, $1.2 billion are expected to come in, and there are rumors that a package of up to $5 billion can come from the friendly countries of UAE, Saudi Arabia, and Qatar. China is also talking about extending loans again,” he said.
He also said that international oil prices had gone down and imports had gone down because of what the government had done. All of these things had a positive effect on the exchange rate.
Shehzad also said that the value of the rupee was likely to go up in the next few months.
During the last seven sessions, the rupee has gained Rs7.91pc, or Rs18.03, against the dollar. This means that the rupee is getting stronger without more dollars being made available.
