Rupee strengthens as dollar eases in interbank
IMF tranche hopes, foreign inflows, and investment pledges boost market sentiment
The Pakistani rupee gained further ground against the US dollar in the interbank market on Monday amid improved investor confidence and expectations of the next IMF tranche approval.
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The open market rate remained unchanged. According to forex dealers, the dollar slipped by 21 paisas during intraday trade to Rs280.70 before closing at Rs280.90 which was down by one paisa from Friday’s level. In the open market, the US dollar held steady at Rs282.
Earlier, the Pakistani rupee continues to gain against the US dollar and appreciated 0.06% in the inter-bank market during the first day of week.
On Monday, at 10am, Pakistani rupee stood at 280.75, registering a gain of Rs0.16 against US dollar. It had also continued gaining during the previous week against the US dollar by posting a gain of Rs0.11 or 0.04% in the inter-bank market.Pakistani Rupee Continues to Gain
Traders attributed the rupee’s strength to optimism over Pakistan meeting IMF conditions, paving the way for the release of the next loan tranche and potential climate financing.
Expectations of deferred payment facilities for Pakistan’s $6 billion deposits with Saudi Arabia, improved remittance inflows, and reduced pressure on the current account backed the rupee’s gains.
Analysts say that the State Bank of Pakistan’s recent interventions and foreign exchange market reforms have helped stabilize the currency in recent weeks.
The Pakistani rupee has recovered steadily over the past month which reflects growing optimism over external financing and macroeconomic discipline under the IMF framework. Economists caution, however, that sustained stability will depend on import demand, global oil price movements, and the timely release of foreign inflows.
With the dollar closing at Rs280.90 in the interbank market, the rupee’s continued resilience underscores renewed confidence in Pakistan’s economic outlook and external financing prospects.
