The value of the rupee rose against the dollar on Monday, as trading resumed after the Eidul Azha holidays.

With Rs5 gained in value, according to dealers the US currency traded around Rs285 on Monday.

The gains in the rupee’s values happened around the same time as the stock market showed a bullish trend early in the morning. The gains in the early hours of trading on Monday were so rapid that the upper lock limit was reached and trading had to be halted for an hour.

Analysts said that the rising trend in the stock market could be attributed to the staff-level agreement finally being signed with the International Monetary Fund during the Eid holidays.

With the risk of default significantly decreased and certainty returning, signs of recovery in economic indicators have started to appear. This is despite the fact that IMF funds are yet to be formally released.