KARACHI – Pakistan’s much-needed deal with International Monetary Fund (IMF) leaves a considerable impact on the money market as local currency made gains against the US dollar.
In the open market, the US dollar was being quoted at Rs285, with a drop of Rs5 while trading volume was narrow as exchange firms remained shut due to a bank holiday.
Experts claim greenback would also slide in the inter-bank market in light of positive development on the economic front.
The rupee gained momentum as the stock market posted over 2,000 points on Monday, as investors’ confidence is revived in light of Pakistan and IMF programme.
Earlier this week, the Pakistani rupee settled at 285.99 against the greenback in the inter-bank market while recent changes come after Islamabad clinched a new $3 billion Standby Arrangement (SBA) with the International Monetary Fund (IMF).
Meanwhile, the staff-level agreement needs final approval from the IMF Executive Board, with its consideration expected by mid-July.
Pakistan bailout review to conclude once financing in place: IMF
