KARACHI: On Thursday, the local currency gained strength as Pakistan and International Monetary Fund (IMF) reached the staff-level agreement for the release of the $1.17 billion loan tranche.
The dollar lost Rs1.6 in value and traded at Rs208.5 in the interbank market. According to economic experts, the greenback will further lose value and drop to Rs200.
The dollar traded between Rs209 and Rs210 in the open market. Earlier on Wednesday, the local currency lost Rs0.54 in value. However, it made some progress after IMF gave a green signal for the revival of the Extended Fund Facility (EFF).