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Rupee further strengthens, reaches Rs213

The strengthening of the rupee continues as it has appreciated by 0.71 percent to reach at Rs213.98 in the interbank market, according to the State Bank of Pakistan (SBP).

Pakistani currency has been maintaining an upward trend as it regains against the US dollar in the inter-bank market on Monday against the closing value of the previous week at Rs215.49 on Friday, August 12.

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According to Malik Bostan Chairperson of Forex Association of Pakistan (FAP), the International Monetary Fund’s (IMF) letter of intent (LOI) and reports of support and assistance from friendly countries have helped in the rise of the rupee.

Rupee appreciation and decreasing trade deficit have mainly started to ease the economic condition of Pakistan.

Experts have also said that dollars flowing into the country and more inflows expected have been helpful in the rupee’s appreciation. They have also said that the rupee would continue to strengthen and gain in the coming days provided the political situation of the country remained stable.

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According to them, reports about Saudi Arabia’s rollover of a $3 billion loan and providing oil on deferred payments along with the IMF tranche being received soon are the reasons that the rupee has been recovering.

According to financial experts, talks with Saudi Arabia and other friendly countries have really helped for an early release of the International Monetary Fund (IMF) loan tranche for the combined seventh and eighth reviews.

Inflows in the pipeline, exports proceeds and deposited remittances have caused the appreciation of the local currency, experts have said.

According to economists, in the coming days rupee would show further strengthening mainly because of inflows. They are also predicting that the volatility of the rupee as witnessed in July would not likely happen.



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