Ahmed Mukhtar Naqshbandi
ISLAMABAD/KARACHI: Pakistan rupee appreciated against the US dollar for the second straight session on Thursday amid news that the International Monetary Fund would share the draft memorandum of economic and financial policies (MEFP) to Pakistan, today.
US dollar changing hands at Rs268.50
During the intra-day trade, the local currency appreciated by 4.83 against the US dollar in the interbank market. The greenback is changing hands at Rs268.50 compared to the Rs273.33 it closed a day earlier.
Zafar Paracha, Exchange Companies Association of Pakistan General Secretary termed it a “good day for Pakistan’s economy.” He said the main reason behind rupee’s appreciation is that the staff-level agreement between Pakistan and IMF is drawing closer. Experts believe that news of IMF talks ending on a positive note was also a factor for the local currency to gain ground.
