Rupee’s winning streak continues, closes at 218.88 against US dollar
US dollar depreciates by Rs3.03 in interbank market
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.
-
Bitcoin crashes below $63K as regulatory pressure and market fears grow -
Bitwise Crypto Industry innovators ETF: What investors should do in 2026? -
Nintendo shares slide again as momentum fears grow -
Gold, silver prices fallen sharply; What’s driving the drop? -
Gold’s record climb: Experts question if its safety is ‘overstated’ -
Dubai unveils plans to construct street built with real gold -
Netflix slams Paramount’s bid: 'Doesn't pass sniff test’ as Warner battle escalates -
Ubisoft: Shares plunge amid restructuring plan and wave of games cancellations