The US Dollar Dropped Rs 9.58 Wednesday session closing at Rs228.80 versus the rupee down from Rs238.38 at Tuesday’s Interbank close.
On the other hand, the greenback depreciated Rs14.50 in the open market closing at rs.226. According to the Forex Association of Pakistan.
Following comments from the IMF official that Pakistan has met its final by raising the tax on fuel prices on 31 July. Pakistan Stock Exchange (PSX) on Wednesday also experienced a bullish trend a KSE-100 index rose 1016 points.
The KSE index increased by 1016 points at trade 41,20. Experts claim that the rupee’s progressive strengthening was also responsible for market increased confidence.
Pakistan has raised the petroleum development levy (PDL), according to Esthe Perez Ruiz. The IMF resident representative in Islamabad completing the final previous action needed for Fun’s combined seventh and eighth assessment.
“With the increase in PDL on July 31, the last prior action for the combined seventh and eighth review has been met. The executive board meeting is tentatively planned for late August once adequate financing assurances are confirmed,” she said in a statement.