The Pakistani rupee posted a marginal gain against the US dollar in the open market on Tuesday, while the local currency maintained its uptrend in the inter-bank market.
During the day, currency dealers Business Recorder reached out to said the rupee was being quoted at 285.50 for selling and 282.50 for buying purposes for customers, unchanged from the previous close.
However, at the end of trading, the currency closed at 285.25 for selling and 282.25 for buying purposes, according to data provided by the Exchange Companies Association of Pakistan (ECAP).
In the inter-bank market, the rupee’s appreciation run continued against the US dollar for the sixth successive session as it gained 0.05% on Tuesday. As per the State Bank of Pakistan, the local unit settled at 284.38 after an increase of Re0.15.
Arif Habib Limited (AHL), in its ‘Pakistan Investment Strategy Report 2023’ unveiled on Monday, said the currency is expected to remain stable in the near term amid anticipation of the IMF’s next tranche following the Executive Board’s likely approval in the first week of December 2023, coupled with forthcoming inflows from bilateral and multilateral creditors.
“Our projections indicate that by the closing rates of June 2024 and December 2024, the PKR/USD rates are expected to stand at 315 and 328, respectively,” it said.
As per the IMF Executive Board calendar available on its website, the next meetings are scheduled for December 4, 6, 7, 11, 12, 13, and then on December 14, 2023. However, Pakistan is not on the agenda.
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