After the Pakistani rupee impressively recovered against the US dollar during Wednesday's closure in the interbank market by a stunning Rs9.8, or more than 4 percent, the dollar rate in Pakistan fell again today.


Analysts predict that the local unit will keep expanding if the nation remains stable.


A significant change occurred when the dollar plunged against the rupee by 4.19 percent, the most since November 2, 1998, when the greenback lost Rs5.10.


Speaking on "Geo Pakistan," Exchange Companies Association of Pakistan (ECAP) Chairman Malik Bostan stated that a number of reasons have contributed to the rupee-dollar parity being bridged.





Even today, intraday trading in the interbank market saw the rupee strengthening against the dollar.

Bostan claimed that the International Monetary Fund's (IMF) statement has been a major factor in the decline of the dollar, in addition to the reduction in import costs and army chief General Qamar Javed Bajwa's telephone conversation with US Deputy Secretary of State Wendy Sherman to help hasten the revival of the IMF loan programme.

A board meeting is provisionally scheduled for late August after sufficient finance assurances are secured, according to a statement released on Tuesday by Esther Perez Ruiz, the IMF's Resident Representative for Pakistan.

Bostan claimed that should the IMF release the $1.2 billion later in August, the dollar might drop to between 190 and 180 to the Pakistani rupee and continue to set new records.

"This was the dollar's actual value. The dollar wasn't at such highs prior to the nation's political unrest and the Punjab by-elections, which upended everything, including the markets "He spoke