The Pakistani Rupee on Friday continued its winning streak against the US Dollar with the former appreciating by Rs3.39 against the latter.
This translates to a 1.57 per cent-rise. The dollar closed at Rs215.49 after opening at Rs218.88 — a Rs3.39 gain, according to the State Bank of Pakistan.
The rupee was buoyed by the imminent Pakistani receipt of an IMF Letter of Intent, according to Mettis Global. Commenting on the same, Malik Bostan, President of Forex Association of Pakistan told Mettis Global, “If the LoI is finalized then the foreign investment in Pakistan will significantly increase due to economic stability.” He was also all praise for the government’s austerity drive.
The rupee, which has been steadily recovering against the greenback, had earlier gained another Rs3 on Thursday.
The PKR closed at Rs218.88 against the dollar in the interbank market, appreciating by over three rupees or 1.38 per cent, according to the State Bank of Pakistan (SBP).