KARACHI – In line with expectations, the Pakistani rupee gained momentum on the first working day of the week as the crisis-hit country secured the International Monetary Fund (IMF) lifeline during the Eid holidays.
During the intra-day trading, the local currency moved up by Rs11.5 against the greenback and was being quoted at around Rs274 in Interbank.
On Monday, rupee climbed by Rs5 against the greenback and was being quoted at Rs285 in the open market while the stock market showed a bullish trend in light of the staff-level agreement finally being signed with the International Monetary Fund.
Signs of recovery in economic indicators started to appear as the country clinched much-needed funds from multilateral lender.
More to follow…
