KARACHI: The Pak Rupee made gain of 28 paisas against the dollar on Wednesday after positive sentiments prevailed on upcoming transfers of $500 million from the International Monetary Fund (IMF).
The rupee ended Rs159.26 to the dollar from previous day’s closing of Rs159.54 in the interbank foreign exchange market.
Currency experts said that market was remained positive over an agreement between the IMF and the government of Pakistan.
After the approval of IMF board the country will received a tranch of $500 million.
Besides, they said that the market was also optimistic about gain in rupee value owing to improved inflows of workers’ remittances and export receipts.
Dealers said the local currency also received support from stable foreign exchange reserves and reduced pressure on external payments during the week. They noted that improved market confidence encouraged selling of dollars by exporters and overseas Pakistanis, helping the rupee maintain its upward trend in the interbank market.
Analysts believe continuity in economic reforms and timely realization of external financing commitments would further strengthen the local currency in coming sessions. However, they cautioned that global oil price fluctuations and rising import demand could still pose challenges to exchange rate stability. Market participants are closely watching upcoming policy decisions and external account developments for future direction of the rupee.
