Pakistani currency recovered slightly against the US dollar on Thursday after the news that the Asian Development Bank signed six loans and grant agreements totalling $1.54 billion with Pakistan.
According to the State Bank of Pakistan, the local currency closed at Rs178.12 compared to its last close of Rs178.15 against the US currency a day earlier.
The local currency reversed its downward trend in hopes that inflows from ADB will somewhat improve the demand from importers for payments.
The rupee has maintained the downtrend for the past seven months. It has lost 16.97% (or Rs25.85) to date, compared to the 22-month high of Rs152.27 recorded on May 14.
