Rupee’s winning streak continues, closes at 218.88 against US dollar

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.