KARACHI: The Pakistani rupee gained against the US dollar in the interbank trading, appreciating by 1.21 percent, marking a welcome respite for the currency after consecutive losses.
This came on Thursday when multiple media reports quoted the State Bank of Pakistan as reporting that the PKR gained Rs3.43 against the greenback to close at Rs284.42 in the interbank market.
This followed the rupee closing at Rs287.85 per US dollar just a day earlier, while the greenback was trading at over Rs293 in the open market.
Experts have attributed the gain in the value of the rupee to the assurance provided by Saudi Arabia to the International Monetary Fund (IMF) for additional funds.
Prime Minister Shehbaz Sharif and Finance Minister Ishaq Dar have both expressed hopes that the country will soon be able to sign a much-needed IMF agreement.
Traders and members of business community believe that the appreciation of the Pakistani rupee against the US dollar is expected to have a positive impact on the country’s economy, which has been struggling with inflation and a balance of payments crisis in recent months.
