The Pakistani rupee resumed its winning streak against the US dollar today, closing at 213.90 in the interbank market, amid increased confidence regarding the restoration of a halted International Monetary Fund (IMF) rescue package later this month.
The local unit gained 0.09 percent, or 0.04%, versus the US dollar during the trading session, according to statistics supplied by the State Bank of Pakistan (SBP).
Despite declining foreign exchange reserves, the rupee has continued to strengthen against the US dollar as the supply of foreign currency has steadily grown relative to demand in the economy.
Exporters are selling dollars in the market as the rupee rises. Previously, they delayed dollar shipments in anticipation of more currency decline.
The rise is being pushed by increased confidence about the resumption of a stalled International Monetary Fund (IMF) rescue package later this month, after the government successfully completed the prerequisites for the release of $1.17 billion in funding.