The buoyant Pakistani rupee continued its arduous ascent against the US dollar on Thursday, recording a sizable gain as investors entered the intrabank market.
The rupee was appreciated by 87 paisas, further depreciating the dollar to Rs204.25 after the government announced that Pakistan will receive not one, but two tranches from the International Monetary Fund (IMF).
The dollar’s final price on Wednesday was Rs205.15, down Rs1.75 from the previous day. In the open market, where the US dollar lost Rs1.50 and ended the day at Rs205, the situation was the same.
After receiving $2.3 billion from a Chinese consortium and good news from the IMF, according to experts, the rupee was able to release some pressure. They claimed that after Pakistan receives an IMF tranche next month, things should get better still. They also believed that those investors who had been holding back on selling were now being forced to do so.
The Pakistani government had previously received a MEFP from the IMF for combined 7th and 8th reviews, according to Finance Minister Miftah Ismail.
