Karachi: Pakistani rupee on Monday gained by Rs2.8 against the US dollar to reach Rs280 in the interbank.
During intraday trading on the interbank market, the local currency increased in value relative to the dollar by 2.80. At about 11:05 a.m., it was seen increasing in value to Rs280.
The rupee lost 3.18 rupees against the dollar the day before, closing at 282.30 rupees, as a result of the renewed loan arrangement with the IMF being delayed (IMF).
Zafar Paracha, who is the General Secretary of the Exchange Companies Association of Pakistan (ECAP), stated that the rise in the supply of dollars had resulted in a balance between supply and demand.
Paracha said that there had been a positive trend as remittances and export revenues had increased, and individuals were receiving their payments. Additionally, there is currently not a high demand for imports, he added. If this situation persists, the dollar is unlikely to rise on the next Monday, but there may be some pressure when the new week begins, he added.
