The Pakistani rupee continued its upward trend against the US dollar on Wednesday after the government took measures to fulfil the prerequisites for unlocking the critical $1.1 billion International Monetary Fund (IMF) tranche.
In the interbank market, the rupee closed at 265.38 after gaining 1.96 or 0.74% against the dollar, up from yesterday’s close of 267.34, according to the State Bank of Pakistan’s (SBP) data.
Meanwhile, in the open market, the rupee was being traded at 266.4 against the dollar.
Experts attributed the rupee’s continued recovery to several factors, including the ongoing virtual talks and imposition of taxes which reportedly boosted confidence among investors.
Earlier, the Exchange Companies Association of Pakistan removed the cap on the greenback to end ‘artificial’ demand in the market, and the hot currency gained momentum in recent times.
