PKR appreciated by RS.2 against dollar in interbank

PKR appreciated by RS.2 against dollar in interbank

As interbank markets closed on Friday, the Pakistani rupee strengthened by Rs1.53 against the US dollar. Analysts attribute the recovery to an increase in the central bank's foreign exchange reserves and hopes that the government and the International Monetary Fund (IMF) will soon come to an agreement.

According to the State Bank of Pakistan, the dollar closed at Rs280.77, up 0.54 percent from the previous day's 1.13 percent decline.

After the government seals the deal with the IMF, the dollar is predicted to drop to a range of Rs270, according to Ecap Chairman Malik Bostan, who spoke to media.

The pressure on the rupee has decreased since foreign exchange reserves have also begun to stabilise, he continued.

The growth in SBP reserves and the influx from China, according to Zafar Paracha, general secretary of Ecap, had shifted the market's trend and caused more people to cash their checks.