KARACHI: Amid news of possible staff-level deal with the International Monetary Fund (IMF) this week, Pakistani rupee kept up its recovery mode as the US dollar shed its value by Rs4.46 and was being traded at Rs274 in the interbank session.
On Friday, the last trading day of the previous week, the Pakistani rupee managed to get an impressive gain against the greenback which was depreciated by Rs6.63.
The head of strategy of Tresmark, Komal Mansoor, was quoted as saying that the rupee appreciated on market expectations that a staff-level agreement (SLA) would be signed with the International Monetary Fund (IMF) by the end of this week.
“We have implemented all reforms [asked for by the IMF]. One of the IMF’s conditions was reserve building. We saw some reserve building last week,” she said, referring to the Industrial and Commercial Bank of China Ltd’s rollover of a $1.3 billion loan.
The rupee continued to recover in the interbank market on Monday, trading at Rs275 against the dollar around 10:57am, data provided by the Exchange Companies Association of Pakistan (Ecap) showed.
