US dollar slightly appreciates against Pakistani rupee

KARACHI: The Pakistani rupee, which exhibited a remarkable surge against the US dollar on Tuesday and registered an impressive increase of Rs12.35, depreciated by Rs1.56 against the greenback in the interbank market on Wednesday.

As trading commenced, the local currency slightly depreciated with the US dollar trading at Rs277 at midday against the closing of Rs275.44 paisa on Tuesday.

The Pakistani rupee has experienced a notable appreciation against the US dollar in the interbank market, following the government’s successful negotiation of a $3 billion loan deal with the International Monetary Fund (IMF).

The loan agreement with the IMF has played a significant role in boosting confidence in Pakistan’s financial outlook. The injection of $3 billion will provide crucial support to the government’s ongoing efforts to address economic challenges, enhance fiscal sustainability, and implement structural reforms.

This development has generated optimism among investors and market participants, as they closely monitor the impact of the loan agreement on Pakistan’s overall economic performance. The strengthening rupee reflects improved investor sentiment and a positive perception of the country’s economic prospects.