Rupee Continues To Strengthen Against The US Dollar, Trading At Rs215.79.
The rupee gained further ground against the US dollar on Friday and was traded at around Rs215.79 in the interbank market on the back of positive economic indicators.
Reports of the International Monetary Fund (IMF) signing a deal 'anytime soon' led to the dollar depreciating further by Rs3.09 to Rs215.79 in the interbank market after previous volatility. In the open market, the dollar rate fell by Rs2 to Rs214.
According to Finance Minister Miftah Ismail, the IMF Executive Board is scheduled to meet on August 24 and will consider giving final approval for the resumption of the programme. The approval will be followed by the receipt of the loan tranche of $1.2billion.
Compared to the July 28 dollar rate, which was Rs239.94, there has been a total decrease of Rs24 in the interbank market. In the open market, the value of the dollar has decreased by a total of Rs30, falling from Rs244 rupees on July 28 to Rs214 today.
Importers are buying less dollars while exporters are selling their export receipts in the market due to the news of improvement in the economy, the end of insolvency risks and various restrictions on imports...
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