PKR strengthens by Rs5 against dollar in open market

The Pakistani rupee gained Rs5 against the US dollar on Monday with experts attributing the local currency’s gains to the stand-by agreement reached with the International Monetary Fund (IMF) last week. According to the Forex Association of Pakistan, the rupee had appreciated to Rs285 in the open market as the stock market crossed the 2,000 mark. The interbank rate was not available due to Monday being a bank holiday. Malik Bostan, Chairman of the Exchange Companies Association of Pakistan (ECAP), expressed optimism about the positive outcomes about the finalisation of the IMF deal. He said that the dollar rate would continue to decline once the interbank market opened on Tuesday. Bostan further anticipated that the value of the greenback would decrease to Rs275 in days to come. “We anticipate that, following the IMF agreement, Pakistan will also receive financial assistance from other global institutions which will decrease the demand for the dollar,” he added.