LAHORE – The Pakistani rupee gained its ground against the US dollar in the interbank market in early trading session on Friday.
During intraday trade, the value of the local currency increased by almost Rs 11 and was trading at 275 against the US dollar.
However, on Thursday, the local currency fell historically, losing Rs 18.98 to the dollar, which closed at Rs 285.09.
The local currency gained ground against the dollar after Finance Minister Ishaq Dar predicted that the International Monetary Fund (IMF) and Pakistan’s impassed agreement would likely be resolved next week. The transfer of a Chinese loan to Pakistan yesterday is another encouraging development.
Despite making all external due payments on time, the State Bank of Pakistan’s (SBP) foreign exchange reserves have been rising and are now almost US $ 1 billion higher than they were four weeks ago, he continued.
China disbursed $700 million to the central bank as repayment for GoP commercial loans, and after taking into account repayments of external debt, the SBP reserves increased by $556 million.
