The Pakistani rupee gained over Rs10 against the US dollar in the interbank market on Tuesday, in the first trading session after the country secured funding from the International Monetary Fund.
According to the State Bank of Pakistan, the local currency closed at Rs275.44 per dollar, up 3.83 per cent. Alpha Beta Core CEO Khurram Schehzad said the approval of the stand-by agreement with the IMF was the main reason for the decline in the dollar in the domestic market.
Tresmark’s Head of Strategy Komal Mansoor predicted that the market may stabilise around the 272-276 range for today. “The central bank will be instrumental in guiding the currency levels there after,” she said.
