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The Pakistani rupee demonstrated appreciation against the United States dollar in the interbank market on Wednesday, marking a positive shift of 29 paisas. Throughout intra-day trading, the dollar was traded at Rs279.25 in the interbank market, showcasing a consistent upward trend for the rupee since Monday.
As of the closing time on Tuesday, the dollar was valued at Rs297.55, reflecting a marginal decrease of 0.03% from the preceding day, as reported by the State Bank of Pakistan.
In the last quarter of the previous year, the rupee had faced a record low, breaching the Rs305 mark against the dollar. However, a prompt recovery ensued after concerted efforts by the country’s financial regulators and security agencies to curb black market activities.
The recent surge in the rupee’s value is believed to be linked to favorable decisions from the UAE and China. Both nations have expressed agreement to extend a $2 billion debt to Pakistan. In connection with this development, Caretaker Prime Minister Anwarul Haq Kakar corresponded with the Chinese Prime Minister, resulting in Pakistan securing a total loan safe deposit of $4 billion from China.
According to insider information from the Ministry of Finance, the $2 billion loan is slated to be rolled over before maturity, adhering to China’s existing terms. This further contributes to the positive momentum in Pakistan’s economic landscape.
