PKR continues its upward trajectory against the US Dollar

PKR continues its upward trajectory against the US Dollar!

The local currency gained Rs2.54 in the inter-bank market on Thursday.

The greenback was being traded at Rs221.01.

The rupee had gained Rs4.03 in the early morning trade, however, the dollar got some recovery later on.

According to the Exchange Companies Association Pakistan (ECAP), the dollar depreciated by Rs4.66 and is being traded at Rs 217.25 during intraday trade in the interbank market.

The local currency had closed at Rs221.91 a day earlier.

The development comes against the backdrop of $1 billion of investment from the United Arab Emirates.

Pakistan is expected to receive the letter of intent (LoI) from the International Monetary Fund (IMF) before the weekend. 

The LOI would take Pakistan a step further closer to the release of two tranches worth $1.17 billion under a stalled loan facility.

 An update on the International Monetary Fund tranche, last week stated that Pakistan has met the last prior action of the global lender pertaining to the bailout package.

On the other hand, Pakistan Stock Exchange also showed positive momentum at the start of trading as the KSE-100 index had gained 632.51 points or 1.5% by 10:45 am to reach 42,728.75 points.