The Pakistani rupee further strengthened on Wednesday against the dollar, continuing its winning streak in the interbank market as the government gears up to present a mini-budget to meet the International Monetary Fund’s (IMF) terms.
The local currency gained Rs2.34 against the greenback during intraday trade, and was changing hands at Rs265 at around 12:30pm.
This is what is leading to optimism regarding the resumption of IMF programme which will help rebuild the country’s foreign exchange reserves through multilateral and bilateral assistance, he added.
On Tuesday, the rupee had appreciated by Rs2.1 or 0.79% in the interbank market to close at Rs267.34 against the dollar, according to the State Bank of Pakistan (SBP).
“The government is swiftly taking prior actions, which is getting Pakistan closer to IMF programme resumption. Moreover, the inflows are improving due to the reduced gap between the official and informal markets,” said Fahad Rauf, head of research at Ismail Iqbal Securities on Tuesday.
