PKR to dollar: Rupees’ winning streak continues amid hopes of IMF deal

PKR to dollar: Rupees’ winning streak continues amid hopes of IMF deal

A Pakistani dealer counts US dollars at a currency exchange shop in Karachi

KARACHI: The rupee continued its rally, gaining 2.70 rupees against the US dollar in interbank trading on Thursday, according to the Pakistan Stock Exchange Association (ECAP).

PKR to dollar: Rupees’ winning streak continues amid hopes of IMF deal

According to details, the dollar has fallen by Rs2.70 and is trading at Rs219.21 in intraday trading on the interbank market.

Local currency closed a day early at Rs 221.91.

The market reacted to the reported positive signs. Sources say Pakistan will receive a letter of intent (LoI) from the International Monetary Fund (IMF) by the end of the week.

The LOI would bring Pakistan a step closer to issuing two $1.17 billion tranches under the stalled credit facility.
On the other hand, his UAE intention to invest his US$1 billion in Pakistani companies in various economic and investment sectors has also boosted confidence in the market.

Credit/Source : THENEWSPK

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