The Pakistani Rupee continued to strengthen its position against US Dollar in interbank market as the rupee gained 50 paisa on the back of $500 million inflows from IMF and expected issuance of $2.5 billion.
During intraday-day trade, Rupee touched 151.5/USD level before rebounding to 152/USD. Tuesday’s closing rate was 153.09, while Rupee opened at 152.60/USD Wednesday.
Pakistan is witnessing increased foreign remittances which is helping the country to shore up its reserves. The Current Account position remain stable while additional external funding being arranged through Euro Bonds is expected to provide sufficient Foreign reserves buffer, adequate enough to support the Rupee around current levels.
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