PKR appreciates 2.94 rupees against USD in intraday

MG News | February 14, 2023 at 01:08 PM GMT+05:00

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February 14, 2023 (MLN): Since actions are being taken to address IMF demands, the Pakistani rupee (PKR) on Tuesday witnessed a notable gain of 2.94 rupees against the greenback during intraday trade compared to the previous closing of PKR 269.44 per USD.

The local unit was quoted at PKR 266.55/267.05 [1:09 PST] with the trades being reported at 266.50 per USD while in the open market, PKR is being traded at 268/271.75 per USD.

In a bid to unlock the IMF tranche, the Economic Coordination Committee (ECC) of the Cabinet on Monday approved the gas price revision proposal for domestic, commercial, and power sectors.

This is leading to further conviction on the resumption of the program, Fahad Rauf, Head of Research at Ismail Iqbal Securities told Mettis Global.

Moreover, the reduction in the gap between official and informal rates has improved the inflows, he added.

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