PKR’s winning streak continues with uninterrupted gains against US dollar

The Pakistani rupee (PKR) demonstrated consecutive gains against the US dollar, appreciating by 0.04 per cent in the inter-bank market on Thursday, closing at Rs279.98, marking a gain of Re0.12 against the greenback, as reported by the State Bank of Pakistan (SBP).

This follows a gain on Wednesday, when the rupee settled at Rs280.1 against the US dollar.

Wednesday witnessed several positive economic developments on the local front.

The United Arab Emirates (UAE) extended the rollover of its $2 billion deposits with Pakistan for an additional year, providing crucial support to the country’s foreign exchange reserves.

Concurrently, the International Monetary Fund (IMF) disbursed a $705 million loan tranche to Pakistan, as confirmed by the SBP.

In response to Pakistan’s request last week, the UAE’s commitment to rollover the $2 billion in deposits aims to prevent a depletion in the country’s foreign exchange reserves.