The Pakistan rupee gained its ground against the US dollar after the market gained hope on Finance Minister Ishaq Dar’s assurances of striking a deal with the International Monetary Fund (IMF) next week.
The local currency appreciated by Rs9.91 in the interbank market during the intraday trade and was changing hands at 275.18 against the greenback, as per Exchange Companies Association of Pakistan (ECAP).
On Thursday, the rupee slumped by nearly Rs19 against the US dollar due to the central bank’s monetary policy review and concerns over a stalled IMF deal.
The rupee slumped by Rs18.98 or 6.66% to close at 285.09 against the dollar in the interbank market as per the State Bank of Pakistan (SBP), down from Wednesday’s close of Rs266.11.
“In other words, the IMF had stated that rather than the interbank rate or the open market, our true rate should be the grey market rate,” he added.