The US dollar decreased in value for the fourth consecutive day against the Pakistani rupee, trading at Rs223 in intra-day trading.
The improvement follows news that Pakistan has fulfilled all prior commitments for the IMF loan. It resulted in marginal gains at the bourse in trading.
On Wednesday, the price of the dollar fell by Rs9.38 in interbank market, after which the US currency continued to trade at Rs 228. Meanwhile, the US dollar was being traded at Rs 230 in the open market.
Rupee’s overshoot ‘temporary’
The rupee has overshot temporarily but it was expected to appreciate in line with fundamentals over the next few months, the State Bank of Pakistan and the finance ministry had said in a statement on July 31.
“Around half of the rupee depreciation since December 2021 can be attributed to the global surge in the US dollar, following historic tightening by the Federal Reserve and heightened risk aversion,” it had said.