In Interbank Trading, PKR Gains Rs2.54 Against The USD.
The rupee jumped by another Rs2.54 against the dollar in the interbank market on Wednesday - an uptrend that has continued for nearly two weeks.
According to the Forex Association of Pakistan (FAP), the local currency was being traded at Rs221.50 by 10:32am, up 1.13 per cent from the previous close.
General Secretary of Exchange Companies Association of Pakistan (Ecap), Zafar Paracha, said sentiments had changed in the interbank market because of which the rupee was gaining.
'There are many sellers and few buyers. In the interbank market, supply exists but demand does not,' he said.
Paracha elaborated that exporters, who had previously stopped depositing their payments, had started selling dollars while importers were waiting for the exchange rate to stabilise before buying the greenback.
'Even though we have not yet received money from the IMF (International Monetary Fund), we have fulfilled its conditions. The IMF has said it will give us the money by the end of the month. Friendly countries have also said they will give money, whether as a loan or an investment.'
He also referred to the United Arab Emirates' plans to invest $1 billion in various Pakistani companies, stating that all these factors were playing a positive role.
In addition, the market expected the political situation to improve, the currency dealer said. That, combined with the government's statement that it had the money to make all the payments this year coupled with a drop in imports...
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