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Rupee gains more value as dollar falls to Rs213 in open market and Rs215 in inter-bank as govt receives LoI from IMF today

So far, the US greenback has lost Rs37 versus PKR in the open market while in the inter-bank trading, the dollar has lost its value by Rs 30.

ISLAMABAD: Pakistani Rupee (PKR) further gained value on Friday morning as dollar declined to 213 rupees in the open market and 215 rupees in the inter-bank till 11:15am. So far, the US greenback has lost Rs37 versus PKR in the open market while in the inter-bank trading, the dollar has lost its value by Rs 30. On Friday morning, the Ministry of Finance has received the Letter of Intent (LoI) from the International Monetary Fund which is being seen as a good development for the resumption of loan.

The US dollar has lost 3.88 rupees in intraday trade in the inter-bank, falling to 215 on Friday morning as against 218.80 rupees closing of Thursday. In the open market, the US dollar lost Rs3 against PKR and declined to 213 rupees from 216 on Thursday.

Experts said the news of the Letter of Intent (LoI) received today by the government, much ahead of the board meeting further caused a blow to the value of the dollar on Friday.

against the US Dollar in an interbank market when compared to the previous close of 218.88, backed by the news flow that Pakistan is likely to receive the Letter of Intent (LoI) from the International Monetary Fund (IMF) very soon.

Malik Boston, President of Forex Association of Pakistan told Mettis Global, “If LoI is finalized then the foreign investment in Pakistan will significantly increase due to economic stability.”

He also appreciated the austerity measures taken by the government that helped the rupee to strengthen against the dollar.

Javed Mahmood
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I am an experienced writer, analyst, and author. My exposure in English journalism spans more than 28 years. In the past, I have been working with daily The Muslim (Lahore Bureau), daily Business Recorder (Lahore/Islamabad Bureaus), Daily Times, Islamabad, daily The Nation (Lahore and Karachi). With daily The Nation, I have served as Resident Editor, Karachi. Since 2009, I have been working as a Freelance Writer/Editor for American organizations.

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