KARACHI: The Pakistani Rupee (PKR) on Thursday continued its winning streak in interbank and open market against the US dollar in seventh session.
After taking a battering last month, the Pakistan rupee continued its recovery against the US dollar with the local currency making gains against the greenback for the eighth consecutive session.
The Pakistani rupee (PKR) continues to gain ground in the interbank market as the US dollar lost Rs1.16 against the rupee and was being traded around Rs220.75.
The greenback has lost Rs19.19 since its peak of Rs239.94
As per the Exchange Companies Association Pakistan (ECAP), the dollar depreciated by Rs2.70 and is being traded at Rs 219.21 during intraday trade in the interbank market.
The local currency had closed at Rs221.91 a day earlier.
The market has been responding to the positive cues that are being reported.
On the other hand, Pakistan Stock Exchange also witnessed a positive trend on second working day of the week as KSE-100 index was being traded around 42,500 points.
Meanwhile, It was reported that Pakistan is expected to receive the letter of intent (LoI) from the International Monetary Fund (IMF) before the weekend.
The LOI would take Pakistan a step further closer for the release of two tranches worth $1.17 billion under a stalled loan facility.
On the other hand, UAE’s intention to invest $1 billion in Pakistani enterprises in a variety of economic and investment areas has also boosted confidence in the market.
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