Karachi: The Pakistani rupee gained heavily in the interbank market on Tuesday following the agreement with the International Monetary Fund (IMF).
Taking cues from the Pakistan Stock Exchange (PSX), which on Monday posted its biggest single-day jump in 15 years, gained 5.9% in the first trading session after the country secured a last-gasp funding deal from the Washington-based lender. Did.
The country on Friday secured a $3 billion short-term financial package from the IMF, providing some relief to its economy as it teetered on the brink of default.
The greenback was trading at Rs 274.98 after a fall of Rs 11.1 at the interbank. It closed at 285.99 on June 27 – the last trading session before the Eid holidays.
More to follow…
