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ISLAMABAD: On Thursday, the Pakistani rupee was slightly stronger than the US dollar in the interbank market, indicating that it was able to withstand the tensions along the border between Pakistan and Iran.
The local currency gained 12 paisas versus the US dollar, according to the information obtained from money dealers, and was now trading at Rs 279.98.
The Pakistani rupee saw a rise of 15 paisa against the US dollar on Wednesday, closing the day at Rs 280.10.
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This was announced on the heels of several encouraging local economic developments that took place on Wednesday.
In addition to the International Monetary Fund (IMF) releasing a $705 million loan tranche to Pakistan, the United Arab Emirates (UAE) had rolled over its $2 billion deposits with the country for an additional year in order to boost its foreign exchange reserves.
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In an attempt to prevent the country’s foreign exchange reserves from running out, Pakistan asked the UAE last week to roll over a $2 billion deposit.
Furthermore, the nation’s current account showed a $397 million surplus in December, and the first half of FY24 has seen a 35% increase in foreign direct investment (FDI). – INP
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