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Pakistan’s Rupee, Bonds Surge on Export Payment, IMF Optimism

  • Higher inflows due to exporter payments boost rupee demand
  • IMF clarity also boost optimism over loan: Vector Securities
Updated on

Pakistan’s currency rose by the most in more than five years and its dollar-denominated bonds surged on higher export-related payments and optimism the beleaguered country is inching toward securing a bailout from the International Monetary Fund.

The rupee rose 4% to close at 228.8 on Wednesday, according to central bank data compiled by Bloomberg. Pakistan’s dollar bonds also jumped, with the notes due in December up 2.6 cents and quoted at 90.5 cents, the biggest advance since they were issued in 2017, according to indicative pricing compiled by Bloomberg.