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Wednesday, October 5, 2022
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HomeBusinessDollar rate continues to exhibit improvement

Dollar rate continues to exhibit improvement

The value of rupee against the US dollar exhibited signs of improvement as the local currency closed at Rs218.88 on Thursday.

On Wednesday, the US dollar saw a fluctuating value at the start of trading and the overall dollar rate depreciated by the close of trading after the Ashura holiday on Wednesday.

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The dollar closed at Rs221.91 in the interbank market on Wednesday.

On Thursday, the dollar had depreciated by Rs1.91 to Rs220 at the start of trading.

The dollar depreciated further during the trade and fell to Rs217.25 in the interbank market.

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Pakistan is soon anticipated to get the letter of intent (LOI) from the International Monetary Fund (IMF).

The letter of intent would bring Pakistan one step closer to receiving two tranches totaling $1.17 billion under a delayed lending agreement.

UAE’s plan to invest $1 billion in Pakistani businesses across a range of economic and investment sectors has also increased confidence in the market.

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