Rupee makes recovery against US dollar, closes at 204.56
Traders say rupee is expected to recover this week as uncertainty over revival of IMF programme is vanishing
- Local currency gains0.14%, against greenback.
- Traders say rupee is expected to recover this weekas uncertainty over the revival of IMF programme is vanishing.
- Last week, rupee closed at 204.85 against US dollar.
The Pakistani rupee recovered on Monday, closing at 204.56 against the US dollar in the interbank market.
According to data released by the State Bank of Pakistan (SBP), the local currency gained 0.14%, against the greenback.
Last week, the local currency closed at 204.85.
Traders said that the Pakistani rupeeis expected to strengthen further this weekas uncertainty over the revival of an International Monetary Fund (IMF) programme is vanishing and the country is inching closer to reach a staff-level agreement with the global money-lender.
Market players are also eyeing an increase in inflows from remittances ahead of the Eid-ul-Adha festival, the traders added.
“We expect the rupee to gain slightly against the dollar next week amid improved sentiment as clarity is coming on the IMF programme,” a commercial bank trader said.
“An expected increase in dollar inflows in the shape of workers’ remittances may also support the domestic currency".
Traders said pre-Eid inflows were particularly high as most Pakistanis working abroad send more money to families to buy sacrificial animals. Eid-ul-Adha will be celebrated in Pakistan on July 10 (Sunday).