KARACHI: The Pakistani rupee is gaining against the USD and was trading atRs165.04/ dollar earlier today, the highest the rupee has been since June2020.

Sources state that this strengthening of the rupee is a result of inflowsfrom the Asian Development Bank that have been realised.

*Profit* has contacted the State Bank of Pakistan (SBP) and ADB and iswaiting for confirmation regarding the inflow.

Reserves by SBP stood at $12,701 m as of 18th September 2020. If the inflowis realized, this will bring the reserves to approximately $13,001 m.

On September 28, 2020, the ADB approved a $300 m loan to support Pakistan’sfinancial sector by supporting measures to develop competitive capitalmarkets and encourage private sector investment in the country.

As for fundamentals, Komal Mansoor, Senior Analyst at Tresmark says thatthe upward trend in the value of the rupee over the past two days can beattributed to a number of reasons