KARACHI: The Pakistani rupee on Tuesday rebounded to gain some ground against the US dollar, appreciating 0.29% in the interbank.
According to the State Bank of Pakistan (SBP), the local currency settled at 283.9, an increase of Rs0.81.
Interbank closing #ExchangeRate for todayhttps://t.co/Lq6p1w069L pic.twitter.com/KxuwgnMQFc
— SBP (@StateBank_Pak) April 18, 2023
The development comes as the market eagerly awaits the restart of the International Monetary Fund (IMF) Extended Fund Facility (EFF) programme, which has been on hold since last year. On Monday, the rupee ended its three-session winning streak, settling at 284.71 in the interbank market.
In his address to the National Assembly on Monday, Prime Minister Shehbaz Sharif said that Saudi Arabia had given Pakistan an additional $2 billion. He added, “The UAE has also pledged to provide us $1 billion.
The IMF has said it is looking forward to obtaining necessary financing assurances as soon as possible to pave the way for the successful completion of the 9th review. Pakistan has already secured $3 billion in fresh inflow from Saudi Arabia and the UAE.
