One day after another positive day for the Pakistani rupee against the US dollar, the currency appears to be steadily recovering.
The rupee opened intrabank trading with a huge lead of Rs1.37 against the US dollar following the government’s announcement that Pakistan will receive not one but two tranches from the International Monetary Fund (IMF).
Greenback was now being traded at Rs205.50, down by Rs1.37 from the previous day, according to forex dealers. At the close of business on Tuesday, the US dollar stood at Rs206.87, a decrease of Rs1.07.
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━☆ Former PM believes depreciating rupee by 70 against dollar was his crowning achievement
— South Youthia Index (@SouthYouthIndex) June 29, 2022
After receiving $2.3 billion from a Chinese consortium and positive news from the IMF, experts said the rupee was able to relieve some pressure.
Read more: SBP takes measures to restrict dollar outflow
Finance Minister Miftah Ismail had previously revealed that Pakistan’s government had received a MEFP from the International Monetary Fund (IMF) for the combined 7th and 8th review.
It was a bearish day for the Pakistan Stock Exchange’s (PSX) KSE 100 index, which dropped by 467.89 points, or 1.12 per cent, to close at 41,297.73 from 41,765.62 on Tuesday.
Stocks traded at Rs 5.243 billion compared to Rs 7.708 billion the previous trading day; this is the lowest daily trading volume since the company’s initial public offering in 2012.
Read more: PM directs using RMB/PKR instead of dollar?