The Pakistan rupee gained ground against the US dollar Wednesday as the market was hopeful of a positive outcome of the ongoing talks between the government and the International Monetary Fund (IMF).
In the interbank market, the rupee appreciated Rs2.95 or 1.08% against the dollar to close at 273.33, according to the State Bank of Pakistan (SBP), up from yesterday’s close of 276.28. Meanwhile, the local currency closed at 279 in the open market.
The greenback has gained over Rs30 in the interbank market since the Exchange Companies Association of Pakistan (Ecap) removed an unofficial cap on the exchange rate.
It is pertinent to mention here that the Exchange Companies Association of Pakistan (ECAP) removed the cap on the US dollar in a bid to end ‘artificial’ demand in the market.
