PKR appreciates Rs8.34 against dollar in interbank amid IMF deal expectations

LAHORE- The US dollar depreciated by Rs8.34 against the Pakistani rupee in the interbank market in early trading session on Friday. The greenback is being traded at Rs276.75 during the intra-day trade. However, the local currency recorded historic plunge on Thursday as it lost Rs18.98 against the dollar that was closed at Rs285.09 yesterday. The strengthening of the local currency against the dollar followed Finance Minister Ishaq Dar's statement that stalled agreement between Pakistan and the International Monetary Fund (IMF) is likely to take place next week. Another positive factor is yesterday's transfer of Chinese loan to Pakistan. Exchange Companies Association of Pakistan (ECAP) secretary general Zafar Paracha was of the view that the IMF had asked Pakistan to trade the greenback at the current Afghan trade rate. He said in other words, the IMF had said Pakistan's actual rate should be as in the grey market rate, not the interbank rate or the open market. "They [IMF) are right as the availability and trade of dollars taking place right now is only in the grey market,” Paracaha added

by Daily Dateline Islamabad

March 3, 2023

in National

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