KARACHI: The Pakistani rupee, which has been strengthening against the US dollar after suffering a significant decline to a record low, gained roughly 0.56 percent on Thursday in the inter-bank market.
The local currency was trading at 260.45 during intraday trading, up Rs. 1.45 against the US dollar.
The rupee was able to regain strength versus the popular currency thanks to a number of factors. Finance Minister Ishaq Dar recently reported that the Board of the China Development Bank has granted a $700 million facility for Pakistan, which is now experiencing a crisis.
The minister stated that crucial monies that will assist the government in avoiding a financial default are anticipated to arrive this week.
The International Monetary Fund (IMF) and the cash-strapped government plan to reach an agreement on a staff-level deal this week. Negotiations with the IMF are also in their last stages.
