Rupee makes strides against US dollar amid Chinese inflow


ISLAMABAD – Pakistani rupee was up against the US dollar, appreciating 0.25 percent in the inter-bank market on Friday amid inflow from Beijing.

The local currency saw back-to-back gains against the greenback, and data shared by the State Bank of Pakistan (SBP) showed PKR settled at 281.71, with an advance of Rs0.71.

On Thursday, PKR saw some respite against the high-flying dollar, settling at 282.42 in the inter-bank market.

The recent development comes as Finance Minister Ishaq Dar announced that Pakistan will receive second disbursement of $500 million dollars from the Industrial and Commercial Bank of China (ICBC) and documentation has been completed in this regard.

Let it be known that total liquid foreign exchange reserves held by South Asian nation increased by $93 million during the last week while assurance from friendly countries to unlock IMF funds is also likely in days to come.