Islamabad: Continuing its recovery session against the US dollar, the Pakistani rupee strengthened for the seventh consecutive session in the inter-bank market and appreciated to Rs 221.91 against the greenback.
According to the State Bank of Pakistan (SBP), at the end of today’s business day, the PKR appreciated by 0.96pc and closed at Rs 221.91.
— SBP (@StateBank_Pak) August 10, 2022
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.