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Rupee exhibits another gain against dollar

Chinese $2.3 roll-over, decreasing global commodity prices, IMF deal key in rupee stepping up, say economists

Pakistani rupee exhibited another gain against the US Dollar in the interbank market as the interbank market closed with dollar valued at Rs206.87 on Tuesday.

The rupee recorded an appreciation of 0.52 percent on Tuesday against Monday’s value of Rs207.94 in the interbank market.

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State Bank of Pakistan (SBP) tweeted the interbank closing rate for Tuesday, showing an upward trend in value of Pakistani Rupee.

 

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On Tuesday morning, Pakistan received its combined economic and financial targets for the seventh and eighth review from the International Monetary Fund (IMF) pertaining to the bailout program. Finance Minister Miftah Ismail had tweeted that the Memorandum of Economic and Financial Policies for both reviews was received by the government after meetings of the two sides last week.

According to economic experts, the appreciation of rupee has been caused mainly due to three important developments including Chinese loan of $2.3 billion, global commodities slowdown and revival of IMF deal.

Economists are presuming rupee appreciation close to 200, but they are also forecasting high current account deficits due to less remittances and outflow of dollars, saying that current account deficit could rise up to $1.2 billion.

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