The benchmark stock index climbed 9%, the top performer in Asia after Sri Lanka. The rupee surged 11% this month to 213.87 per dollar as of Monday, the biggest gainer in the world. Pakistan’s rupee, bonds, and stocks have rallied as investors bet the nation will win a bailout from the IMF this month and avoid a default.ĭollar bonds due in December were indicated at about 95 cents on the dollar on Tuesday from a low of 85 cents in July, as investors turn more confident the debt will be repaid. The development comes after Finance Minister Miftah Ismail confirmed Wednesday that the government has sent the letter of intent (LoI) back to the International Monetary Fund (IMF) following the fulfilment of the pre-requisites, paving the way for the executive board's meeting. However, we believe that rupee is expected to remain strong in the near term." "There would most likely be some higher dollar demand and repayments due to which currency has depreciated. IMF to take up Pakistan's request to release $1.17bn tranche on August 29: Miftah IsmailĪrif Habib Limited Head of Research Tahir Abbas said that after gaining 11.6% during last 11 trading session, rupee was depreciated by 0.46% today.
Rupee maintains upward trend, closes at 213.90.Pakistan sends back letter of intent to IMF, paving way for board meeting.