The Pakistani rupee regained its winning momentum against the US dollar on Wednesday as for the second day running the local currency went up in the interbank market. According to the data made available by the forex dealers, the Pakistani rupee gained 65 paisas in value against the greenback in early business and was currently being traded at Rs283.25 On Tuesday, the Pakistani rupee had regained some ground against the US dollar, appreciating by 0.29% in the interbank market. The local currency settled at 283.90, an increase of 81 paisas.

The market keenly awaits resumption of the International Monetary Fund (IMF) Extended Fund Facility (EFF), which has remained stalled since last year. Prime Minister Shehbaz Sharif in his address to the National Assembly the other day had said that Saudi Arabia has provided another $2 billion to Pakistan. “The UAE has also promised to give us $1 billion,” he said. 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.

Credit: Independent News Pakistan-INP