Pakistani Rupee Gains Momentum as IMF Deal Boosts Market Confidence
The US dollar declined in the interbank market, now valued at Rs277.50, marking continued improvement in Pakistan’s currency.
The value of the US dollar against the Pakistani rupee continued to decline, with the dollar becoming 34 paisas cheaper in the interbank market. Meanwhile, the Pakistan Stock Exchange (PSX) witnessed substantial gains, with the 100 Index rising by 600 points, reaching a trading level of 82,800 points.
This positive momentum follows the previous day’s strong performance, where the index closed 764 points higher at 82,247.
According to the State Bank of Pakistan, on the fourth day of the business week, the dollar’s rate fell to Rs277.50.
On Wednesday, the dollar had risen by 5 paisas, closing at Rs277.85 in the interbank market, but the trend has since reversed.
In a separate development, the Pakistan Stock Exchange surged significantly following the International Monetary Fund’s (IMF) approval of a $7 billion bailout package.
Finance Ministry sources indicated that Pakistan is expected to receive the first tranche of $1.1 billion by September 30, with the second installment likely to arrive within the same fiscal year. The loan will come at an interest rate of less than 5%, offering Pakistan some financial respite.
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