Pakistani rupee on Monday appreciated by Rs1.2 against the US dollar in the interbank trade, a development which is largely being attributed to the change in market sentiments over the government’s expected deal with the International Monetary Fund (IMF) after it complied with its condition to raise fuel prices.
As per the the Forex Association of Pakistan (FAP), at around 11am, the greenback depreciated to Rs198.40 — down Rs1.20 against Friday’s close of Rs199.60.
Since the PML-N-led coalition government took over on April 11, when the dollar was valued at Rs182.30, the greenback rose around Rs20 to breach Rs202 by May 26.
But after weeks of persistent declines — which had been largely attributed to the country’s rising import bill, widening current account deficit and depleting foreign exchange reserves — on Friday, the rupee finally broke its losing streak after the government decided to lift the fuel price cap to comply with the conditions of the IMF.
