Pakistani rupee surges to 97.70 against US dollar

Written by PTI | Islamabad | Updated: Mar 25 2014, 02:18am hrs
The Pakistani rupee surged to 97.70 against the US dollar continuing the rise from the previous week.

The greenback was being bought at 97.70 and sold at 97.90 at the interbank market.

The weakness in dollar against the local currency is mainly because of reports suggesting that the International Monetary Fund (IMF) is expected to approve a third tranche of USD 55 million for Pakistan today, according to media reports.

Last week, the Pakistani rupee rose to 98.10 against the dollar at the interbank market and currency dealers had predicted further devaluing of the greenback this week.

The Pakistani rupee had plunged to as much as 112 for a brief period few months back and was hovering at about 105 against the US currency.

The unexpected surge in the value of Pakistani rupee against the dollar was mainly because of a whopping USD 1.5 billion deposit in Pakistan Development Fund by a "friendly Muslim country."

Though the government has not named the country officially, it is an open secret here that Saudi Arabia had given the money.

Prime Minister Nawaz Sharif has already expressed satisfaction over the economic gains in current fiscal year.

He invited foreign investors to invest in various sectors of the country, especially energy.