KARACHI: The Pak Rupee (PKR) gained two paisas against the dollar on Wednesday as market sentiments were positive due to expected inflows from the IMF.
The rupee ended Rs176.41 to the dollar from previous day’s closing of Rs176.43 in the interbank foreign exchange market.
READ MORE: Dollar falls by 29 paisas against PKR
The dealers said that the local currency recovered due to inflows of export receipts and worker remittances. Besides, the expected inflows from the IMF also helped the rupee to stay stable.
READ MORE: Dollar slips five paisas to PKR
They said that the rupee would further strengthen in coming days as an amount of $1 billion was likely to be received by the government from IMF.
READ MORE: Rupee rebounds amid high oil prices
The IMF executive board is scheduled to meet on February 02, 2022 to review Pakistan’s Extended Fund Facility and to approve next tranche of $1 billion.
READ MORE: Rupee ends firmer amid rising international oil prices
The foreign exchange reserves of the country fell significantly last week. The liquid foreign exchange reserves plunged by $866 million to $22.482 billion by week ended January 21, 2022 as against $23.35 billion by week ended January 14, 2022.
