On Monday, the Pakistani rupee gained 1.61 per cent value against the US dollar. According to the Forex Association of Pakistan (FAP), the rupee appreciated by Rs3.49 traded at Rs212 in the interbank market. Chairperson of FAP, Malik Bostan, said that the rupee showed recovery after Pakistan received the letter of Intent from International Monetary Fund (IMF) and friendly countries assured Pakistan of financial assistance.
Saad bin Naseer, Director of Mettis Global, attributed the rise in the rupee to the dollar inflow in the country. He suggested that to release pressure from exporters the greenback should be converted into local currency on the day a consignment has been sent to Pakistan. Saad added that local banks and the government should intervene to end uncertainty among exporters. He further said that if the political situation continues to stabilise the rupee would gain more strength.
