Karachi February 8 2023: Pakistani Rupee gains PKR 5.74 against the dollar in Interbank as talk with IMF for the revival of IMF program and release of USD 1.2 billion tranche reaches final stage and dollar rate drop in Grey market.
Yesterday, Federal Minister for Power Engineer Khurram Dastgir has shared that Pakistan was on the verge of striking a deal with the lender as both parties had reached a consensus on all issues.
The dollar rate against the rupee in the ‘grey market’ fell significantly lower than that of the open market on Tuesday, reflecting a loss of attraction for dollars smuggling to Afghanistan, DAWN reported. The dollar sold at PKR 273 in the grey market on Tuesday.
Pakistan Rupee gains PKR 5.74 or 2.2 percent in Interbank to trade at PKR 270.54 on Wednesday at PST 13:00. Since 26th January 2023 Rupee has lost 14.6 percent or PKR 39.65 against the dollar in Interbank.
However, in open market dollar is trading at PKR 277.0 at PST 12:45 on Wednesday.
Bloomberg calculations show the free-floating rupee should stabilize at 266 to the dollar.