Karachi February 6 2023: Pakistani Rupee gains PKR 4.36 against the dollar as talk with IMF continues for the revival of IMF program and release of USD 1.2 billion tranche.
Pakistan and the IMF will kick-start policy level talks from Tuesday as both sides will strive again on Monday (today) to reconcile the yawning gap in the fiscal framework.
Pakistan Rupee gains PKR 4.36 or 1.6 percent in Interbank to trade at PKR 272.22 on Monday at PST 11:50. During the last seven working days Rupee lost 16.5 percent or PKR 45.69 against the dollar in Interbank to close at PKR 276.58 on Friday.
On Friday alone Rupee lost 1.89 percent on Prime Minister statement of tough negotiation with IMF.
In open market dollar is trading at PKR 275.15 at PST 11:50 after gaining PKR 9.1 or 3.3 percent from all-time low of PKR 284.25 on Saturday.
Bloomberg calculations show the free-floating rupee should stabilize at 266 to the dollar.