KARACHI: Pakistani Rupee snapped its losing streak against the US dollar, gaining Rs3.43 in the interbank market a day after the government secured the much-anticipated deal with the International Monetary Fund (IMF).
According to details, the dollar was trading around Rs208.5, against Wednesday’s record high of Rs211.93.In open market, local currency also gain Rs2 against the greenback, which was being traded around Rs211.
The development comes after weeks of persistent declines in the rupee’s value, which has been largely attributed to the country’s rising import bill and depleting foreign exchange reserves.
On Wednesday, the Federal Minister for Finance and Revenue, Miftah Ismail informed the Chinese consortium of banks has signed a $2.3 billion loan facility agreement on Wednesday which will be received by Pakistan within a few days.
Earlier, the IMF and Pakistan reached an understanding pertaining to the amendments in the federal budget for FY23 to revive the bailout package.
Read more: Rupee falls to new low of 211.93 despite progress in Pak-IMF talks
