(Dunya News) – Pakistani rupee recorded healthy recovery in the open market following the decision of the government asking International Monetary Fund (IMF) to lend financial assistance addressing the economic challenges.

Rupee in the open market remained under pressure during the early hours of trade and showed a rise of Rs1 from Wednesday close of Rs135. However, at the banking counter it moved in a narrow band and finally closed at 133.80 rupee to a dollar, registering an increase of four paisa.

However during the mid-day development which hit the financial sector was the government official meeting-Finance Minister Asad Umar and Governor State Bank of Pakistan hold talks with the IMF Managing Director Christiane Laggarde at Bali, Indonesia formally requesting the Fund to lend financial assistance. IMF agreed and assured soon a delegation would arrive Islamabad to hold talks.

This development gave sigh of relief, rather sent strong signals to speculators and hoarders of dollar to sell their greenback holdings, which help the rupee to regain at the open market

The dollar in open market quoted between Rs 133.50 and Rs 133.80 which hints that with financial support of IMF, the thirst of dollar would be subsided and the country would get ample cushion to work of reforms, rehabilitation and revival.

Following the recovery it is expected that the dollar at the interbank might revive for the second time in this year. “When this government came into power the rupee showed remarkable recovery and from Rs 128.50 at interbank it touched Rs 124.25 to a dollar while at open market it recovered from Rs 131.50 to almost Rs 122 level.