Karachi: Continuing recovery against the US dollar for the eighth consecutive session, the Pakistani rupee appreciated by Rs 3 in the inter-bank market on Thursday.
According to the State Bank of Pakistan (SBP), the local currency posted a 1.38pc appreciation to close at 218.88.
— SBP (@StateBank_Pak) August 11, 2022
On Wednesday, according to the State Bank of Pakistan (SBP), the PKR closed at 221.91, posting an appreciation of 0.96pc.
The rupee significantly strengthened last week, rising 6.8% against the US dollar to settle at 224.04 in the interbank market.
The improvement in the market, according to analysts, is driven by clarity on the deal between Pakistan and the IMF, whose executive board is set to meet later in August.
Pakistan also attracted a $1 billion investment project by the UAE in the meantime, which further strengthened investors’ faith.
The United Arab Emirates (UAE), last week, expressed intentions to invest $1 billion in Pakistani companies in various economic and investment sectors.
According to a report published in the Emirates News Agency, the development aims to explore new investment opportunities and areas for cooperation in projects across various sectors to expand bilateral economic relations in the best interest of Pakistan and the UAE.
This is an intra-day update.