On Wednesday, the rupee increased by that other Rs2.13 against the dollar with in interbank market, continuing an upward trend that has lasted almost two weeks.
The Pakistani rupee increased by 0.96 percent to settle at Rs221.91 versus the US dollar, as per the State Bank of Pakistan (SBP).
Zafar Paracha, general secretary of the Market Companies Association of Pakistan (Ecap), claimed that the currency was strengthening because interbank market attitude had shifted.
“There are numerous sellers but few buyers.”Supply abounds but demand does not in the interbank market,” he remarked.
Paracha explained that importers were holding off on buying dollars until the exchange rate stabilised while exporters, who had previously halted depositing their payments, have started selling them.
We’ve fulfilled with the all the IMF’s conditions, despite the fact that we haven’t received any funding from them yet.
The IMF is promised to deliver us the money before the end of the month.. Additionally, friendly nations have stated they will provide funds, whether as a credit or an investment.
He also mentioned the United Arab Emirates’ interest in investing $1 billion in a number of Pakistani businesses, claiming that all of these things were beneficial.