KARACHI: The Pak Rupee gained nine paisas against dollar on Monday as positive sentiments prevailed in the market after cut in monetary policy rate and approval of IMF loan to Pakistan.
The rupee ended Rs163.49 to the dollar from last Friday’s closing of Rs163.58 in interbank foreign exchange market.
The rupee appreciation was continued from the last week as positive news was reported for Pakistan economy.
Currency dealers said that the rupee continued gain against dollar as the State Bank of Pakistan (SBP) last week cut policy rate by 200 basis points to nine percent.
The central bank reduced the policy rate third time in last one month considering significant adverse effect of coronavirus on the economy,
Meanwhile last week the Executive Board of the International Monetary Fund (IMF) a day earlier approved the disbursement of $1.386 billion under the Rapid Financing Instrument to address the economic impact of the Covid-19 shock.
The currency dealers said that the rupee may witness further appreciation in coming days due to falling international oil prices and reduction in non-oil imports.