Consolidating the previous week’s gains, Pakistani rupee strengthened by 15 paisas (+0.09 percent) against the US dollar on Monday.
The State Bank of Pakistan said in a statement that the dollar opened at Rs176.07 in the interbank market and closed at Rs175.92. The rupee witnessed a dull trading range during the session, showing the intraday high bid of 176 and low offer of 175.80. Within the open market, the rupee was traded at 177/178 per dollar.
Overall Pakistan rupee gained 60 paisas against the US dollar last week, while it has appreciated by 59 paisas during the current year 2022. The local unit has depreciated by Rs18.49 during the ongoing fiscal year 2021-22. One of the reasons behind dollar’s low demand was a public holiday in the United States and closure of businesses there, as the third Monday of every January is observed as Martin Luther King Jr Day.
According to experts, the rupee is likely to remain stable against the dollar amid positive sentiment that the government is taking serious steps for the revival of the International Monetary Fund’s (IMF) Extended Fund Facility (EFF). President Dr Arif Alvi on Saturday last signed the Finance (Supplementary) Bill 2021, generally known as the mini-budget, thus fulfilling one of the key conditions of the International Monetary Fund (IMF).
Again, the approval of the State Bank of Pakistan (Amendment) Bill 2021 from the National Assembly on Thursday last was another step to pave the way for the revival of the IMF programme.