KARACHI: Continuing its recovery, the rupee on Thursday appreciated Rs3.03 against the US dollar and closed at 218.88 in the interbank market, according to the State Bank of Pakistan.
As per the details, the US dollar depreciated by Rs3.03, or 1.38%, to close at Rs218.88 in the interbank market. It is pertinent to mention here that the local unit continued to strengthen against the US dollar for the eighth consecutive session today.
The local currency had closed at Rs221.91 a day earlier. The market has been responding to the positive cues that are being reported.
Sources privy to the matter stated that Pakistan is expected to receive the letter of intent (LoI) from the International Monetary Fund (IMF) before the weekend.
The LOI would take Pakistan a step further closer to the release of two tranches worth $1.17 billion under a stalled loan facility.
On the other hand, the UAE's intention to invest $1 billion in Pakistani enterprises in a variety of economic and investment areas has also boosted confidence in the market.
MPC says current policy regime to support macroeconomic stability, help achieve growth on sustainable basis
KSE-100 index gains 1, 078.15 to close at 91,938 points after hitting an intraday high of 92,159 points
Former FinMin says provinces "do not collect a penny of tax but seek financial assistance from Centre"
Index claws back losses on rate cut hopes, hike in SBP reserves to $11.2bn
Inflation figures beat market as well as government forecasts of around 6.8%, but remain in single-digits
FBR spokesperson says deadline to file income tax return will not be extended, after it expired on Oct 31
