KARACHI: August 18, 2022. The rupee showed some resistance to US dollar as the latter shed Rs 0.25 in the first session of interbank trade on Thursday.
US dollar traded at 215 in the first half day on Thursday. It had closed at 215.25 on closing of the trade in interbank on Wednesday.
However, in open market USD showed a gain of one rupee in the first session of open market. In open market at 12.30 PM on Thursday , dollar value remained at 215 . The US currency had closed in open market at 214 at closing of the currency market.
USD had shown gain of Rs 2 plus against the rupee in interbank market during the last two working days and it seemed that US currency may takeover the rupee again to go up considerably. However, Thursday’s market indicators showed USD upward trend was a temporary phenomenon and the rupee will continue to appreciate against US dollar in coming days.
Forex Association of Pakistan (FAP) is foreseeing the rupee stability vis a vis USD at around 185 in next few weeks .
FAP chairman, Malik Bostan Khan, is continuously calling upon those who have withheld US currency to off load their stocks to avoid loss . Mr Bostan is convinced that the rupee was going to make big gain against USD as Pakistan enters into a formal agreement with the International Monetary Fund (IMF).
Pakistan have signed letter of Intent (LoI) and its hoping to get IMF tranche of $ 1.17 by end of the current month. IMF executive board is schedule to meet on August 29 to take up Pakistan’s case for approval of $ 1.17 billion tranche under extended fund facility (EFF).
IMF tranche is going to serve as a stimulant to boost up Pakistan’s economy in coming months and help the government over its economic woes.