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KARACHI: The Pakistani rupee on Tuesday recovered some ground against the US dollar, appreciating 0.44% in the interbank.
At close, the currency settled at 278.57, an increase of Rs1.23, as per the State Bank of Pakistan (SBP).
Earlier during the day, the rupee had touched a high of 281.50 at the interbank but clawed back some gains amid Finance Minister Ishaq Dar’s announcement that Pakistan has received $2 billion from Saudi Arabia.
On Monday, the Pakistani rupee had weakened as well, falling 0.68% to settle at 279.8 in the inter-bank market.
In a key development on Monday, global rating agency Fitch upgraded Pakistan’s long-term foreign currency issuer default rating (IDR) to ‘CCC’ from ‘CCC-’, citing the country’s improved external liquidity and funding conditions following the staff-level agreement with the International Monetary Fund (IMF.
“The upgrade reflects Pakistan’s improved external liquidity and funding conditions following its Staff-Level Agreement (SLA) with the IMF on a nine-month Stand-by Arrangement (SBA) in June,” said Fitch Ratings.
“We expect the SLA to be approved by the IMF board in July, catalysing other funding and anchoring policies around parliamentary elections due by October.
