KARACHI: As Pakistani authorities are hopeful of reaching a deal with the International Monetary Fund (IMF), the local currency (PKR), has started to gain ground against the dollar following positive rumors, while Investors also showed positive reactions throughout the day.
According to the forex dealer, at the start of the business day, the value of the dollar decreased by 4.83 rupees and reached Rs268.50. However, following further analysis, the dollar closed at Rs270.51.
Yesterday, the US dollar closed at Rs273.33, a decline of 1.08%. However, today it has increased by 1.04%.
However, the improvement in the market has been observed following the increased likelihood of a bailout from the International Monetary Fund (IMF).
Finance Minister Ishaq Dar gave a green signal about the IMF deal, after that Pakistan and the IMF are holding talks for the completion of the 9th programme review, and its successful outcome could unlock a $1.1 billion loan tranche.
Meanwhile, the anticipation of good news has had a positive impact on the Pakistan Stock Exchange (PSX), with the KSE-100 closing at a positive 743.27.
The market saw a positive growth of 1.78%, resulting in the stock market closing at 42,466.59 at the end of the day.
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