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KARACHI: The Pakistani rupee made a slight gain against the US dollar on Wednesday, appreciating nearly 0.22% in the inter-bank market during early trading.
According to market sources, the PRK was being quoted at 283.27, a gain of Re0.63 at around 10am. This follows the rupee regaining some ground against the US dollar on Tuesday, settling at 283.9 in the inter-bank market.
The market is currently awaiting the resumption of the International Monetary Fund (IMF) Extended Fund Facility (EFF), which has remained stalled since last year. Experts attribute the increase in inflows from workers’ remittances and a decline in import payments to a reduced demand for US dollars.
It may be recalled that Prime Minister Shehbaz Sharif recently announced that Saudi Arabia has provided another $2 billion to Pakistan, and the UAE has promised to give $1 billion.
The IMF too is looking forward to obtaining necessary financing assurances as soon as possible to pave the way for the successful completion of the 9th review.
Experts say the appreciation of the rupee against the US dollar is a positive sign for the country’s economic stability and growth prospects.
