KARACHI: The Pakistani rupee has soared to a two-week high, inching just below Rs286 against the US dollar in the interbank market. This bullish trend has continued for the third consecutive working day, propelled by economic optimism and the anticipation of securing the next International Monetary Fund (IMF) loan tranche amounting to $700 million. According to data from the State Bank of Pakistan (SBP), the local currency exhibited a 0.19% increase, amounting to Rs0.53, ultimately closing at Rs285.97 against the greenback. News Desk
These recent gains come in the wake of the scheduled meeting of the IMF executive board on December 7, 2023. This meeting is anticipated to finalise approval for the release of the next tranche, reflecting positively on the outcomes of the first review conducted between November 2-15.
Over the past three working days, the currency has seen a cumulative rise of 0.75%, or Rs2.17, marking a partial recovery from a seven-week low of Rs288.14/$, where it had suffered a loss of around 4%.
The Exchange Companies Association of Pakistan (ECAP) reported a 0.26% gain, closing at Rs287.50/$ in the open market. Despite a slight widening in the rupee-dollar exchange rate between the markets to Rs2, it remains within the IMF-recommended level of 1.25%.
