Rupee continues recovery against US dollar in interbank market

KARACHI: After taking a battering last month, the Pakistan rupee continued its recovery against the US dollar on Thursday, with the local currency making gains against the greenback for the eighth consecutive session.

As per the Exchange Companies Association Pakistan (ECAP), the dollar depreciated by Rs2.70 and is being traded at Rs 219.21 during intraday trade in the interbank market.

The local currency had closed at Rs221.91 a day earlier.

The market has been responding to the positive cues that are being reported.

A report published in The News based on sources stated that Pakistan is expected to receive the letter of intent (LoI) from the International Monetary Fund (IMF) before the weekend.

The LOI would take Pakistan a step further closer for the release of two tranches worth $1.17 billion under a stalled loan facility.

On the other hand, UAE’s intention to invest $1 billion in Pakistani enterprises in a variety of economic and investment areas has also boosted confidence in the market.