In the currency market on Friday, the Pakistani rupee appreciated versus the US dollar as a result of the government reaching the anticipated agreement with the International Monetary Fund (IMF) and a recent cut in interest rates.
Currency dealers report that at the beginning of trade, the US dollar fell 25 paisas in the interbank market, from Rs278.44 to Rs278.20. In the same way, the dollar is currently selling for Rs280.85 on the open market, 10 paisas less than it was before.
Malik Muhammad Bostan, the chairman of Exchange Companies of Pakistan, stated that the dollar has been weakening in the interbank market for the past four days. He underlined that Monday will be the true test of the interest rate drop, which is anticipated to further reduce government interest payments.
