Summary On Thursday, the dollar closed at Rs282.30
LAHORE (Web Desk) - The Pakistani rupee appreciated by Rs1.30 against the US dollar in the interbank market on Friday.
After slipping by 1.13 per cent a day earlier, the rupee was being traded at Rs281 at 10:45am today, according to data shared by the Exchange Companies Association of Pakistan (ECAP).
According to currency market analysts, the recovery in the local currency is owing to a rise in the central bank forex reserves and expectations that the government and the International Monetary Fund (IMF) would reach an agreement soon.
On Thursday, the dollar closed at Rs282.30.
Total liquid foreign #reserves held by the country stood at US$ 9.75 billion as of March 03, 2023.
— SBP (@StateBank_Pak) March 9, 2023
For details https://t.co/WpSgomnd3v pic.twitter.com/04cjxEWK6D
According to an expert associated with the forex business, the greenback is expected to fall to the range of Rs270 once the government strikes the deal with global lender.
He said foreign exchange reserves had also started to stabilise, which has reduced the pressure on the rupee.
