Pakistani rupee continues recovery against dollar for third consecutive day, settles at 277.87


KARACHI – Pakistani rupee continued its upward momentum on Tuesday and was being traded at Rs277.87 against the US dollar in the interbank market.

Data released by the country’s central bank revealed the local currency made a recovery of Rs0.02 percent in a single day and closed at Rs277.87 against the greenback, maintaining its positive momentum for the third successive session.

Rupee’s upward trajectory continues after the local currency settled at 277.92 against USD on Monday as the country’s foreign exchange reserve gets a $500mn boost after receiving first tranche from China.

State Bank of Pakistan lately received $500 million from the Industrial and Commercial Bank of China (ICBC), while cash-strapped Pakistan is set to salvage the IMF deal. The Executive Board of the International Monetary Fund (IMF) reportedly agreed to increase the limits on members’ annual and cumulative access to Funds.

Islamabad and the global lender continued talks to fine-tune the language of a draft Memorandum of Economic and Fiscal Policies (MEFP), generally called the staff-level agreement (SLA), the source said, adding that the text of the agreement would be discussed in detail from Monday onwards.