Quoted by The Tribune Express
In the interbank market, the Pakistani rupee strengthened by Rs0.13 to close at Rs278.37 against the US dollar. This upturn was fueled by a substantial cash infusion from multilateral organizations and came after a three-day decline.
Pakistan now has $9.39 billion in foreign exchange reserves, two years higher than before, thanks to $494 million from international agencies. The foreign currency gained strength versus the US dollar and other major currencies as a result of this inflow.
The currency had lost value over the course of three consecutive working days (July 2-4) by Rs0.16/$ prior to this rebound.
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This decrease was partly caused by speculation of an impending devaluation of the rupee prior to obtaining a fresh rescue package from the IMF for over $6 billion by the end of July 2024.
The rupee was also under pressure from exporters holding dollars in expectation of a devaluation and from growing demand for foreign currency for imports.
According to the Exchange Companies Association of Pakistan (ECAP), the local currency depreciated by Rs0.12 on a daily basis, ending the day at Rs280.35/$ on the open market.
