KARACHI – The Pakistani rupee regained winning momentum against the US dollar in the interbank market amid improving market sentiment as friendly nations assured Pakistan of additional funds.
Data shared by State Bank shows that local currency moved up around 0.29 percent in the inter-bank market, and settled at 283.9, with an increase of Rs0.81.
Rupee came back to life after a gloomy session in the inter-bank market, as all eyes are on International Monetary Fund (IMF) Extended Fund Facility (EFF) programme, which remained in the air for months.
In recent developments, PM Shehbaz confirmed that Saudi Arabia provided another $2 billion to Islamabad, and UAE also pledged to give $1 billion.
Meanwhile, the global lender is looking to get required financing assurances while the Pakistani government makes desperate attempts to unlock the much-needed funds as the country is facing dwindling forex reserves.
