USD to PKR: Pakistani rupee gains Rs1.45 against dollar in inter-bank

KARACHI – Pakistani rupee, which has been recovering after a major fall to a record low, continued its upward momentum on Thursday against the US dollar, appreciating nearly 0.56 percent in the inter-bank market.

During the intra-day trading, the local currency was being quoted at 260.45, as it gained Rs1.45, against the greenback.

Several factors helped the rupee get its strength back against the hot currency. In recent developments, Finance Minister Ishaq Dar announced that the Board of China Development Bank approved the facility of $700 million for crisis-hit Pakistan.

Minister confirmed that much-needed funds are expected to be arriving this week as it will help the government to avert a debt default.

Talks with International Monetary Fund (IMF) are also in the final phase, with cash strapped country expecting to conclude negotiations with the global lender over a staff-level agreement as soon as this week.