Rupee extends gain

The rupee gained four paisas against the US dollar on Wednesday owing to satisfaction shown by the International Monetary Fund (IMF) on Pakistan’s economy, dealers said. The rupee ended Rs156.01 against dollar from previous day’s closing of Rs156.05 in interbank foreign exchange market.

The dealers said IMF expressed confidence over implementation of its $6 billion loan program in the country. IMF officials said there are good sings in the economy despite challenges. “We now have an exchange rate that is more reflecting actual economic conditions, with some degree of floating,” the IMF said on exchange rate.

The dealers said the crackdown launched by the taxation authorities helped the local currency gain value against dollar. Besides, an expected decision in favour of Pakistan by the Financial Action Task Force boosted the confidence in domestic currency market, they added.

The foreign exchange market was initiated in the range of Rs156.05 and Rs156.10. The market recorded day high of Rs156.10 and low of Rs156.01.

The exchange rate in the open market remained unchanged. The buying and selling of dollar was recorded at Rs155.70/Rs156.20, the same previous day’s closing level, in cash ready market.