The Pakistani rupee managed to absorb the tensions at the Pakistan-Iran border as it was marginally up against the US dollar in the interbank market on Thursday. According to the information received from the money traders, the local currency appreciated by 12 paisas against the greenback and was currently being traded at Rs279.98. On Wednesday, the Pakistan rupee has registered a gain of 15 paisas against the US dollar, settling for the day at Rs280.10. This came on the head of a number of positive economic developments on the local front occurred on Wednesday. The United Arab Emirates (UAE) had rolled over its $2 billion deposite with Pakistan for another one year to support the country’s foreign exchange reserves, while the International Monetary Fund (IMF) had also released $705 million loan tranche to Pakistan. Pakistan last week requested the UAE for the rollover of $2 billion deposit to avert depletion in foreign exchange reserves of the country. Moreover, the country’s current account had posted a surplus of $397 million in December, while foreign direct investment (FDI) has surged by 35% in first half of FY24.

 Credit: Independent News Pakistan (INP)