Dollar has further depreciated against Pakistani rupee and now it values 97.90 rupees in the interbank market today.
According to State Bank of Pakistan‚ the country received foreign direct investment of 523 million dollars in the first seven months of current fiscal year with 106.9 million dollars in the month of January alone.
In addition‚ the expected receipt of 550 million dollars from the International Monetary fund along with the proposed launch of Eurobonds next month has also led to positivity in the foreign exchange market.
Earlier‚ the rupee had gone up sharply against dollar which declined to 99.90 rupees in the inter-bank market on Tuesday March 11, 2014.
Meanwhile‚ in an interview‚ Finance Minister‚ Muhammad Ishaq Dar said all out efforts are being made to stabilize Pakistani currency. He said national economy is showing upward trend and the rupee will further strengthen. Dar said inflation is moving down and foreign reserves increasing.
One of the reasons behind rupee strengthen is dollar inflow in the country. Similarly, the exporters also started to sell their dollars keeping in view its declined value.
The credit doesn’t go Ishaq Dar, Pakistan has reportedly receive $750 million from Pakistan Development Fund, which increased the State Bank of Pakistan’s held foreign exchange reserves to $3.9 billion and help in easing pressure on rupee.
The market sentiment has improved with reported inflow of $750 million, which help in lessen the pressure on country’s exchange reserve
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