On Wednesday, the Pakistani rupee continued to gain value against the foreign currency in the interbank market. Mettis Global reported that rupee had gained over Rs10 against the greenback. At 9:50AM, the rupee showed a slight gain when the dollar dropped by 88 paisa and traded at Rs237.5.
However, the local currency made a noticeable recovery by 12:50PM as the greenback dropped by Rs10.38 and traded at Rs230 in the interbank market. In the last three sessions, the rupee has gained Rs1.56.
According to Malik Bostan, Chairperson of Forex Association of Pakistan, the positive signal from the International Monetary Fund (IMF) has aided in appreciating the value of rupee.
He added that strict security against the smuggling of dollars to Afghanistan has also strengthened the local currency. Malik pointed out that the decline in import bills helped shrink the trade deficit and ease the situation for rupee.