The Pakistani rupee appreciated versus the US dollar on Monday’s interbank market for the eleventh consecutive working day.
After more than a week of uptrending, the local currency climbed by an additional Rs3.49; the dollar was depreciating intraday and was trading at Rs213 as of 10:50 am in the interbank market.
On Friday, the Pakistani rupee strengthened by Rs3.38 to end the day at Rs215.50 to the US dollar in the interbank market.
Despite dwindling foreign exchange reserves, the rupee has continued to appreciate against the dollar because the system’s supply of foreign currency has consistently surpassed its demand.
Due to the strengthening of the rupee, exporters are selling dollars on the market. They already withheld dollar shipments in preparation for more local currency devaluation.
Growing hope that a stalled IMF bailout package will be reinstated later this month is what is fuelling the uptick, as the government has completed the prerequisites for the release of $1.17 billion in cash.
The PSX increases by more than 450 points as the IMF tranche approaches.
Shortly after trading started on Monday, the Pakistan Stock Exchange (PSX) rose by more than 450 points, continuing its upward trend.
Pakistan’s Trade Organizations’ Limited Economic Contribution: SBP Study
Numerous trade associations, chambers of commerce, and businesspeople all provide significant economic contributions to Pakistan. Examples include associations representing different industries.