Monday, June 17, 2024

Pakistani Rupee Gains Rs. 2.94 Against Dollar, Reaches Rs. 269.44 in Interbank

The Pakistani rupee (PKR) on Tuesday recorded a noteworthy increase of 2.94 rupees versus the dollar during intraday trade compared to the previous closing of PKR 269.44 per USD, indicating that steps are being done to address IMF requests.

The local currency was quoted at PKR 266.55/267.05 [1:09 PST], with deals reported at 266.50 per USD, while PKR is currently trading at 268/271.75 per USD on the open market.

The Economic Coordination Committee (ECC) of the Cabinet on Monday authorized the proposal to revise gas prices for the household, commercial, and power sectors in an effort to release the IMF tranche.

According to Fahad Rauf, Head of Research at Ismail Iqbal Securities, this is strengthening his conviction about restarting the initiative

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