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rupee continues recovery against U.S. dollar for fourth day in a row

KARACHI:

The Pakistani rupee continued to rise. on Thursday and traded at Rs 226.19. against United States dollar in interbank market.

rupee on Wednesday made record high recovery of Rs 9.98 in one day and closed at a three-week high of Rs 228.80 against United States dollar.

Experts say the rupee has fallen first main recovery after the break of over three months after government reported a mass drop in import payments. In addition, they added the International Monetary Fund (IMF) also acknowledged that Pakistan meets all the preconditions for his multi-billion dollardollar program.

Finance Minister Miftah Ismail said the IMF Executive Board meeting is scheduled for on August 24, and he will consider providing final OK for renewal of program.

Approval will be followed by of in next credit tranche of 1.2 billion dollars.

Today, the local currency rose by 2.61 rupees. against U.S. dollar.

Supply increase of U.S. dollar in local market It has also helped the ruble to strengthen against U.S. dollar.

With positive news from the IMF, experts of opinion that only a $4 billion deficit remains for it’s a yearand once it’s arranged with help of friendly countrieslocal currency will be in best position.

Read: Rupee continues to appreciate compared to dollar

The positive trend was also noticed on the Pakistan Stock Exchange, with growth of the KSE-100 index to the level of 41,500 points – growth of 474 points.

Pakistan Eurobond yield rises also dropped by 150-400 basis points on Bonds 2024 and 2025. They were currently trading about 41.9% and 30.1% respectively.

Earlier, the local currency fell in aggregate by 13.75% (or 31.31 rupees). in the previous 10 consecutive business days to a record low closing of Rs 239.94. on Thursday (July 28).

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