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KARACHI: The Pakistani rupee made a stunning comeback against the US dollar on Friday, registering a significant gain of nearly Rs14 in the interbank market after reaching a record low on Thursday.
At close, the rupee finished with an increase of Rs13.85 or 4.85% to settle at 285.08 against the US dollar.
The massive appreciation comes after the rupee finished at a record low of 298.93 against the US dollar in the inter-bank market on Thursday.
Investors interpreted the Supreme Court’s ruling that Imran Khan’s imprisonment was unconstitutional and the halt of violent protests as a sign that the political situation had somewhat stabilized.
The International Monetary Fund (IMF) or not, Pakistan will not default and will satisfy its external obligations on time, said Finance Minister Ishaq Dar in an additional effort to calm markets.
Taking to the media on Thursday, Dar said that there is a plan for foreign payments of $3.7 billion in May and June. He added that China is expected to roll over another $2.4 billion.
He also said the budget would be presented on June 9, 2023.