The Pakistani Rupee further appreciated by 50 paisas against the US dollar on Wednesday.
The market sources claim that currently the dollar is being traded at Rs152.20. Pak-rupee has appreciated around Rs2.80 in the last two days.
The State Bank of Pakistan (SBP) not buying dollars from the market is a big factor in this appreciation of the rupee. Furthermore, $500m received by SBP from the International Monetary Fund (IMF), grant coming in from the World Bank are also contributing factors, the analysts said.
Government likely to float $2 bn Eurobonds in coming days as well as travel restrictions due to COVID-19 have also helped in the upward trend, they added.
Yesterday, the closing rate was at Rs153.09. The main reason behind this is the higher inflows through the Roshan Digital Accounts (RDA) and other government’s schemes.
