KARACHI: As the deal with the International Monetary Fund (IMF) enters the final phase, the rupee continues to gain value against the greenback. During the morning hours of interbank trade, the rupee gained Rs1.40. Around 12PM, the dollar stood at Rs204 against the local currency. In the open market, the dollar traded between Rs205 and Rs207.
Economic experts said that positive news from IMF to release the $2 billion tranche soon has caused the rupee to gain strength. But a report from Mettis Global believes that progress would not last long due to surging oil prices. To secure the IMF loan, Pakistan still has to fulfill the requirements of the Memorandum of Economic & Fiscal Policies (MEFP).
Meanwhile, the government has increased the power tariff by Rs8 per unit. The price will increase in three phases. From July 1, Rs3 will be hiked per unit. In August Rs3 more will be increased. The remaining Rs2 will be added in September.